Managing Director of Iran Post Bank Khosro Farrahi said on Wednesday that the bank has been re-connected to Society of Worldwide Interbank Financial Telecommunication (SWIFT).The re-connection was made on Sunday February 14, he said.
The Brussels-based Swift facilitates exchange of financial transactions among world financial institutions.
After implementation of the Joint Comprehensive Plan of Action (JCPOA) Iran Post Bank took required and timely action to reconnect to SWIFT and the task was accomplished on February 14, he said.
Central Bank of Iran (CBI) allocated special code and password to reconnect Iran Post Bank to SWIFT on Sunday.
SWIFT is used by nearly every bank around the world to send payment messages that lead to the transfer of money across international borders.
It provides a wide range of service including transmitting letters of credit, payments and securities transactions among 9,700 banks in 209 countries.
A central theme of the sanctions was putting restrictions on Iran’s banking transactions with the international financial institutions through various mechanisms including shutting SWIFT services to the country.
However, it became off limits to Iranian banks in 2012 after the implementation of the US-led sanctions.
Accordingly, around 30 Iranian banks were blocked from using SWIFT services, literally cutting off Iran from the global banking system.
About: Iran Post Bank:
After discussing about postal drafts in UPU (1874), and pervasive concerning to save money in all over the societies, especially in the countries such as England, Germany, Austria, and Japan, a new system named Post Bank was exposed in UPU. In the European countries this new based system caused a new look in the aims and structure of the financial services. So a new independent juridical person named Post Bank began its work with the same titles.
According to the last statistics in 1994, more than 90% of countries who are member of UPU both developed and developing have a service named financial post. Most of them supply this service in the system of Post Bank.
The proposal of developing financial post and services by the Post Company”s abilities was offered to the Cabinet by the Ministry of P.T.T in March of 1984. According to an Act in November of 1989 the Ministry was bound over establishing new financial post services. This needed to arrange the legal preliminary (Postal drafts), prepare the regulation and cooperate with the Central Bank.
According to this act the Ministry of P.T.T was able to establish the financial post at the first step for money transfer parallel with the bank system of the country and in the next steps for collecting the idle capital in the postal saving system. Finally in 1995 Post Bank Iran has been established and the financial post services were separated from Post Company of I.R.I and transferred to Post Bank Iran.
