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Iran banking exchanges with 100 world banks unsanctionable

With connecting financial messaging infrastructures of Iran and Russia, the banking exchanges of the country with 100 world banks became unsanctionable, an official said.

Deputy CBI governor for International Affairs said that 52 branches of Iranian banks and 4 foreign banks in the SEPAM platform from Iran and 106 banks via SPFS from the Russian side are connected.

Bank Shahr and VTB Bank were selected for the pilot stage by the Iranian and Russian sides, Mohsen Karimi pointed out.

More banks will join the platform in the near future, he further noted.

SEPAM, an electronic financial messaging system, has been implemented for computerizing the banking message interchanges and for the creation of an integrated infrastructure for banking services.

SEPAM is not only considered the first national financial messaging infrastructure which handles major banking transactions such as Rial and foreign exchange documentary credits, bank guarantees, foreign exchange remittances, correspondence, inquiries, and negotiations on a single platform, but it is also capable of being connected to cross-border foreign banks for financial interchanges with a common language and supported by the latest technology.

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