SWIFT to Welcome Iranian Banks
- 18.01.2016 10:30 am
Swift cut off connections to the messaging network for Iranian banks under orders from the EU in March 2012.
In a statement, the Society says that the EU has now lifted the restrictions imposed in the wake of a nuclear agreement agreed by six world powers and Iran back in July and now verified by the International Atomic Energy Authority.
"Swift has informed the relevant stakeholders about the necessary measures that need to be put in place to make it possible for those banks that are delisted by the Implementing Regulation to reconnect to Swift," states the company. "As previously stated, those banks that are delisted by the Implementing Regulation will now automatically be able to reconnect to SWIFT, following the completion of our normal connection process (i.e. administrative and systems checks, connectivity and technical arrangements)."
In 2010, 19 Iranian banks and 25 Iranian entities reportedly used Swift more than two million times, transacting $35 billion in trade with Europe alone.