Baku, Azerbaijan, April 23
Trend:
Eurasian Development Bank, headquartered in Kazakhstan, has launched a new non-SWIFT payment system, Trend reports via the bank’s press office.
“Eurasian Development Bank has started providing settlement services without using the international inter-bank settlement service provider SWIFT,” said a message from the bank.
“Transactions can be implemented through national payment systems of the bank’s member states. This will allow for settlement services to cost less as a result of suspension of foreign correspondent banks' participation in this process and the abandonment of the Swift system.” reads the message.
EDB announced that first and foremost they are interested in “cooperation on projects that will ensure integrative effect for the bank’s member states".
“The bank provides a wide spectrum of services for settlement accounting for legal entities, currency conversion, deposit placement with the help of the remote access service,” reads the message.
The bank launched clearing activities in accordance with its development strategy for the period until 2022.
EDB was established in 2006. Currently, its members are Armenia, Belarus, Kazakhstan, Kyrgyzstan, Tajikistan and Russia.