–Reports have emerged that the BRICS economic alliance is considering a new global payment system for international trade that would be an alternative to the Society for Worldwide Interbank Financial Telecommunications (SWIFT).

Members of the Asian Clearing Union (ACU), a regional banking bloc that seeks easier clearing of payments between its member states, have agreed to launch a system that will rival the SWIFT international payment network.

Chairman of Iran-Italy Joint Chamber of Commerce Ahmad Pourfallah warned Iranian policy-makers

Chairman of Iran-China Joint Chamber of Commerce says currently there is no banking transaction with Russia and China and if an individual with Iranian passport wants to enjoy banking services, he will be denied by both countries’ banks.

Governor of Central Bank of Iran, Abdolnaser Hemmati, said Wed. that the country is making efforts to further strengthen trade transactions via national currencies, and render SWIFT practically useless.

In its latest report titled ‘challenges of and solutions for economic prosperity in year 1398’, Iran's Islamic Parliament Research Center underscores the vitality of making new mutual or multilateral monetary contracts with international trade partners for Iran to skirt SWIFT, which operates under full supervision of the US.

America’s monetary ammunition refers to the coordinated collection of US secondary banking sanction laws, the FATF recommendations and Swift Services for imposing sanctions, which Iran has been one of its most important targets in recent years.

 Russian President Vladimir Putin said that Moscow is working with its major partners to create financial systems that are not dependent on the Society for Worldwide Interbank Financial Telecommunication (SWIFT). He made the remarks on Wednesday at the 10th annual ‘Russia Calling’ Investment Forum in Moscow. “We are actively working with some countries, with our partners […]

Europe should set up payment systems independent of the US if it wants to save the 2015 nuclear deal between Iran and world powers that was abandoned by President Donald Trump, German Foreign Minister Heiko Maas said. “That’s why it is indispensable that we strengthen European autonomy by creating payment channels that are independent of […]

 Manager of the Central Bank of Iran (CBI) Ferdows Zare’ for Compliance Affairs pointed to tracking transactions in Society for Worldwide Interbank Financial Telecommunication (SWIFT) as pilot and said, “according to CBI instructions, banks are obliged to approve and notify the Compliance Charter in the highest level.” Speaking in 6th Iran-Europe Business Forum, held in […]