(19 January 2016 – Global/Europe) Belgian based, Swift has re-instated Iranian banks four years after the global payment service provider barred them from its network.
The move follows verification of a political agreement reached with the West over the country’s nuclear ambitions. Swift cut off connections to the messaging network for Iranian banks under orders from the EU in March 2012.
In a statement, the Society said: “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.
“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 US$35 billion (A$50.9 million) in trade with Europe alone.