Swift Cuts Joining Fee By 70 Per Cent To Attract More Non-Bank Players

SERVICES

The Brussels-based Swift international financial messaging organisation has reduced its joining fee by some 70 per cent in an effort to attract more users to the system and boost volumes, according to officials.

The fee, which many smaller banks and non-bank players in the financial markets had deemed too high to economically justify given their trading volume, has dropped from Bfr1.3 million to as low as Bfr200,000 for non-share-holding users of the system, says a spokesperson. Share-holdin