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FEBRUARY 2016/ISSUE 25.06


journal GLOBAL INDEPENDENT PERSPECTIVE ON FINANCIAL TECHNOLOGY


New P2P mobile payments network to launch in Hong Kong Jetco, Bank of China, Citi and Standard Chartered among major backers of the venture


Hong Kong-based ATM fi rm Jetco has teamed up with a consortium of 12 banks from in the territory to launch a new peer-to-peer (P2P) mobile pay- ments system. The new service will enable customers of


the 12 participating banks to make transfers via mobile, needing only the recipient’s number. Member banks of the consortium include Bank of China, Bank of Communications, Citibank, China Construction Bank and Standard Chartered. The platform is entirely interbank, so a member of Bank of China will be able to send money to customer of China Construction Bank, for example. Jetco hopes that the system will lower invest- ment costs and aid the member banks in rolling


Hong Kong, © Wing, Wikimedia


out P2P services quicker. Future plans for the system, which will be made available to customers later this quarter, include


an extension of the medium to online and high street merchants, enabling users to pay for goods at the checkout with their mobile phones.


Swift to return €32 million to its users worldwide The Society to give 10% rebate on 2015 messaging as part of strategic Swift2020 plan


Swift will give a 10% rebate on 2015 messaging fees, returning about €32 million to its users around the world. The rebate will be paid in March 2016 and


is part of Swift’s new strategic fi ve-year plan, Swift2020, designed to provide investment and growth for its core messaging platform. The new plan calls for a 30-45% price reduc-


tion by the end of December 2020, ‘taking into account the necessary investments to grow the business’. This is the fourth strategic pricing plan Swift


has introduced to the community in the last 15 years.


Francis Vanbever, CFO at Swift, adds that the


10% rebate comes on top of the 2015 discount for high volume connections, which was estimated to have totalled €30 million. He says: ‘In 2010, Swift set out a multi-year


strategy to cut message prices in half by the end of 2015. We already reached our price reduction commitment at the end of 2014, one year ahead of schedule. By the end of 2015, the total price reduction over the fi ve-year period reached 57%.’ The 57% price reduction was pledged by Swift


at the opening of last year’s Sibos – its annual conference – in Singapore. In 2015, Swift increased its FIN (core store-


and-forward messaging service) traffi c by 8.4%, ending the year with a new high of 6.1 billion messages. During the year, InterAct traffi c grew by 27.3% and FileAct by 3.7%.


...continued on page 11


INSIDE


DIGITAL BANKING FEATURE FOCUS


IBS Journal material may not be reproduced in any form without the written permission of the publisher. © 2016 IBS Intelligence, a division of Cedar Management Consulting International, LLC.


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