SWIFT and Lloyd’s welcome back Iran

SWIFTIranian banks and their foreign branches will be able to reconnect to the SWIFT international payment system following the lifting of sanctions earlier this week, the Central Bank of Iran (CBI) announced yesterday.
“Those banks that are delisted by the Implementing Regulation will now automatically be able to reconnect to SWIFT, following the completion of our normal connection process (i.e. administrative and systems checks, connectivity and technical arrangements),” SWIFT said in an a written statement. After negotiations between the CBI and the international secure financial messaging organisation, a four-point communiqué was issued agreeing to:

  1. An official statement of sanction relief and entry of Iranian banks into international financial messaging system
  2. The nondiscriminatory connection of Iranian banks as well as their domestic and foreign branches and subsidiaries to SWIFT
  3. The collective and immediate reconnection of delisted banks to SWIFT
  4. The reimbursement and release of bank claims against SWIFT

Lloyd'sIn a separate development, the managing director of the National Iranian Tanker Company (NITC) announced that Iranian oil tankers would be able to avail themselves of Lloyds insurance services as from this Monday. 

Source: iran-bn