The SWIFT banking network, the backbone for international monetary transfers, said Monday (November 5th) it has suspended several Iranian banks from its service, after the US reimposed sanctions on Tehran, AFP reported.
"In keeping with our mission of supporting the resilience and integrity of the global financial system as a global and neutral service provider, SWIFT is suspending certain Iranian banks' access to the messaging system," it said.
"This step, while regrettable, has been taken in the interest of the stability and integrity of the wider global financial system."
SWIFT, the Belgian-based Society for Worldwide Interbank Financial Telecommunication, provides banks with a secure messenger network to allow international transfers.
Without its services, Iranian banks will find it more difficult to do business with any client prepared to brave US sanctions to maintain ties with Tehran.
The network connects 11,000 banks and financial institutions in 200 countries and territories. It does not hold or manage client funds, but allows the banks to transfer funds by sending messages across the network.
