TEHRAN – Deputy Governor of Central Bank of Iran (CBI) for International Affairs Mohsen Karimi said on Wednesday that the country will launch a financial messaging system within the next month to replace the Society for Worldwide Interbank Financial Communication (SWIFT) among member states of the Asian Clearing Union.
The plan for replacing an interbank financial messaging system with SWIFT will be implemented among member states of ACU next month, Karimi said.
Speaking on the sidelines of the 51st ACU Summit in Tehran on Wednesday, he stated that the CBI has designed the specialized messaging system for the exchange of banking messages among member states of the ACU and informed them of it in the previous edition of the ACU summit.
This issue has been reviewed in specialized commissions and committees expertly, he said, adding that members of the Union have emphasized the need for replacing SWIFT with a specialized financial messaging system.
The plan of launching the new financial messaging system will probably be implemented within the next month, Karimi said, adding that it will reduce the cost of financial transactions among member states considerably.
The Union was established in the 1990s with a focus on reducing the dependency of member states on major currencies including the U.S. dollar.