PaymentsJournal
SUBSCRIBE
  • Analysts Coverage
  • Truth In Data
  • Podcasts
  • Videos
  • Industry Opinions
  • News
  • Resources
No Result
View All Result
PaymentsJournal
  • Analysts Coverage
  • Truth In Data
  • Podcasts
  • Videos
  • Industry Opinions
  • News
  • Resources
No Result
View All Result
PaymentsJournal
No Result
View All Result

Payments and Politics: Uncharted Waters AS SWIFT Ejects Iran

Mercator Advisory Group by Mercator Advisory Group
March 16, 2012
in Analysts Coverage
0

Hand holding credit card icon. Internet button on white background.

0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

Iran’s government continues to pursue its policy of developing nuclear capability, and The United States and the European Union continue to tighten the restrictions intended to force Iran to cease those actions, by prohibiting the delivery of services. In response to the EU ruling, Brussels-based SWIFT (Society for Worldwide Interbank Financial Telecommunication) will discontinue payments to all institutions associated with Iran.

SWIFT Chief Executive Lazaro Campos was quoted on Thursday, March 15:
“This EU decision forces SWIFT to take action. Disconnecting banks is an extraordinary and unprecedented step for SWIFT. It is a direct result of international and multilateral action to intensify financial sanctions against Iran.”

According to Reuters sources in the Chicago Tribune:
“Nineteen banks and 25 affiliated institutions from Iran made a total of 2 million cross-border payments using SWIFT in 2010. They included banks the U.S. accuses of financing Iran’s nuclear program or terrorism – Mellat, Post, Saderat and Sepah.”

The objective of the international community is to strangle the flow of funds generated by Iranian oil sales, to prevent their use to develop the nuclear program. The wider ramifications and potential side effects of SWIFT’s actions remain unclear.

Read more:

http://www.banking-business-review.com/news/swift-bans-30-iranian-banks-for-international-operations-160312

Read more:

http://www.chicagotribune.com/news/sns-rt-us-eu-iran-sanctionsbre82e0zv-20120315,0,6276559.story

0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

    Analyst Coverage, Payments Data, and News Delivered Daily

    Sign up for the PaymentsJournal Newsletter to get exclusive insight and data from Mercator Advisory Group analysts and industry professionals.

    Must Reads

    faster payments

    Faster Payments Are Set to Revolutionize Modern Digital Payments

    January 26, 2023
    How AI can Help Manage Payments Risk in 2023

    How AI can Help Manage Payments Risk in 2023

    January 25, 2023
    cross-border payments

    How to Implement Effective and Innovative Cross-Border Payment Strategies

    January 24, 2023
    credit card experiences, digital payments, b2b payments

    Will Consumer-to-Business Payment Trends Drive B2B Global Growth in 2023?

    January 23, 2023
    Faster Payments Faster Identity Verification, connected car, payments

    2023 Predictions: Authentication, Digital Identity, and In-Car Payments

    January 20, 2023
    bank data

    Interconnectivity, Data Sharing, and Security Are Vital for Banks to Thrive

    January 19, 2023
    B2B Payments, cryptocurrency

    Crypto as a Practical Solution to B2B Payments

    January 18, 2023
    AR, accounts receivable

    Digitizing AR Would Address One of Executives’ Biggest Concerns About Economic Instability

    January 17, 2023

    • Advertise With Us
    • About Us
    • Terms of Use
    • Privacy Policy
    • Subscribe
    ADVERTISEMENT
    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Videos
    • Industry Opinions
    • News
    • Resources

    © 2022 PaymentsJournal.com

    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Industry Opinions
    • Faster Payments
    • News
    • Jobs
    • Events
    No Result
    View All Result

      Register to download the Brighterion eBook - The power of today’s market-ready AI to reduce transaction fraud