29 Mar 2024
Monday 16 October 2017 - 13:26
Story Code : 279602

Iranian bank in Paris connected to EU interbank system

IRNA The Paris branch of Bank Melli Iran, has been connected to 'TARGET 2' the Euro interbank payment system, said a member of the board of managers of the Iranian bank on Sunday.


Gholam-Reza Panahi said that the Trans-European Automated Real-time Gross Settlement Express Transfer System (TARGET2) is an interbank payment system for the real-time cross-border transfers throughout the European Union.

Before implementation of the Iran nuclear deal, known as the Joint Comprehensive Plan of Action (JCPOA), establishing such connections were not possible.

Prior to the JCPOA, bank transactions in Paris used to be carried out through brokerage financial firms in the country, Panahi said.

'Now the branch of the Bank Melli Iran in Paris is ready to provide its customers with services across Europe,' he added.

The Persia International Bank PLC in London and the Sepah Bank branch in Frankfurt have already gotten connected to the TARGET 2 interbank payment system.
https://theiranproject.com/vdcfx1d00w6deva.r7iw.html
Your Name
Your Email Address