Jerusalem Post

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BREAKING NEWS

Iran announces replacement for SWIFT banking system

By JPOST.COM STAFF

MAY 27, 2012 22:21

Iran announced on Saturday that has designed and implemented replacement for the Society for Worldwide Interbank Financial Telecommunication (SWIFT,) which facilitates the bulk of global cross-border payments, Press TV reported.

The Belgium-based company cut off Iranian banks blacklisted by the European Union over Tehran's nuclear program in March after an EU order and pressure from the United States.

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