Baku – APA-Economics. Iran’s Day Bank announced on Saturday that it has officially joined the Society for Worldwide Interbank Financial Telecommunication (SWIFT), Iran News Daily reported.
This was announced at an official ceremony held at Day Bank headquarters in Tehran.
Ahmad Shafizadeh, the governor of the bank, said at the ceremony that joining SWIFT in face of sanctions that prohibit financial transactions with Iran has been the result of a lengthy campaign.
SWIFT is a global supplier of secure messaging services and interface software to wholesale financial entities. It is a secure private network used by nearly every bank around the world to send payment messages that lead to the transfer of money across international borders.
In early 2012, SWIFT said it had been instructed by the European Council to discontinue its communications services to Iranian financial institutions that are subject to European sanctions. Accordingly, it blocked 30 Iranian banks from using its service thus literally cutting off Iran from the global banking system.
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