May 26, 2023 19:31

ACU Says to Unveil SWIFT Alternative

Practical measures to diversify the Union's currency basket, the prospect of trade among members using central bank digital currencies (CBDCs), linking payment systems among members, and training programs to share experience and knowledge are key items on

The Central Bank of Iran has developed a special messaging system for banking communication among member states of the Asian Clearing Union, the CBI deputy for international affairs, Mohsen Karimi, said. It is to be launched next month.
“The subject was brought up at last year's ACU summit and was reviewed in special commissions. The union members have called for replacing the existing SWIFT (Society for Worldwide Interbank Financial Telecommunication) system,” IBENA quoted him as saying.
Karimi stated that the implementation of the new system as a replacement for SWIFT is likely to start the next month among the union members.

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Central Bank of Iran (CBI) News