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“A smarter, simpler SWIFT”

The SWIFT Annual Report came out last Friday (download it here, 3.4 Megabytes) and makes for some interesting reading, especially as I like numbers.  Yes, it does include lots of numbers:
  • there are 8,332 institutions connected to SWIFT (note: institutions, not banks) across 208 countries and territories;
  • over 3.5 billion FIN messages exchanged last year (that’s a lot!), up 22% over 2006;
  • 27 SWIFT users process almost half of these FIN messages;
  • 1,800 users send less than 150 messages per day;
  • all users received a 25% price reduction in 2007 through a 10% reduction in prices for messages, combined with a 15% rebate on messaging traffic;
  • SWIFT conducted a customer survey at the end of 2007 and gained an overall rating of 8.33 out of 10 for the total SWIFT customer experience (you’re so nice);
  • 64% of respondents cited security as SWIFT’s most valued attribute, rating this capability as 9.1 out of 10;
  • the SWIFT network delivered 99.9% availability throughout 2007, with just one power outage in March 2007 (what did everyone do?); and
  • over 5,000 folks are registered on SWIFTCommunity.net. (which is why you’re reading this). 

There’s a few choice quotes and comments in the report too.

Read more …

About Chris M Skinner

Chris M Skinner
Chris Skinner is best known as an independent commentator on the financial markets through his blog, TheFinanser.com, as author of the bestselling book Digital Bank, and Chair of the European networking forum the Financial Services Club. He has been voted one of the most influential people in banking by The Financial Brand (as well as one of the best blogs), a FinTech Titan (Next Bank), one of the Fintech Leaders you need to follow (City AM, Deluxe and Jax Finance), as well as one of the Top 40 most influential people in financial technology by the Wall Street Journal’s Financial News. To learn more click here...

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