Iranian bank in Paris connects to EU interbank system

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.

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