Mark Mason
Well-known member
Geopolitical Tensions Create Demand for Systems to Replace SWIFT
US Treasury Secretary Steven Mnuchin recently threatened SWIFT, the global financial messaging service, with penalties if it does not comply with new US sanctions and cut off entities doing business with Iran, which has created a demand for alternatives to SWIFT.
The Belgium-based institution, SWIFT (Society for Worldwide Interbank Financial Telecommunication), supports over 11,000 financial institutions in over 200 countries and territories with messaging services to facilitate interbank transfers. The action would inhibit Iranian businesses from receiving funds for its exports and paying for imports. This occurred previously in 2012 when the US and EU pressured SWIFT to “cut financial transactions with at least 30 of Iran’s financial institutions, including the central bank”. The financial blockade was lifted in 2016 with the Iranian nuclear deal, but that has since fallen apart under the current US presidential administration.
Read more - https://www.dashforcenews.com/geopolitical-tensions-create-demand-for-systems-to-replace-swift/
US Treasury Secretary Steven Mnuchin recently threatened SWIFT, the global financial messaging service, with penalties if it does not comply with new US sanctions and cut off entities doing business with Iran, which has created a demand for alternatives to SWIFT.
The Belgium-based institution, SWIFT (Society for Worldwide Interbank Financial Telecommunication), supports over 11,000 financial institutions in over 200 countries and territories with messaging services to facilitate interbank transfers. The action would inhibit Iranian businesses from receiving funds for its exports and paying for imports. This occurred previously in 2012 when the US and EU pressured SWIFT to “cut financial transactions with at least 30 of Iran’s financial institutions, including the central bank”. The financial blockade was lifted in 2016 with the Iranian nuclear deal, but that has since fallen apart under the current US presidential administration.
Read more - https://www.dashforcenews.com/geopolitical-tensions-create-demand-for-systems-to-replace-swift/