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On Signing a Memorandum between Vnesheconombank and the Society for Worldwide Interbank Financial Telecommunication SCRL (SWIFT)

24 march 2010 года
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State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ and the Society for Worldwide Interbank Financial Communication SCRL (SWIFT) signed a Memorandum of Understanding.

On behalf of Vnesheconombank the Memorandum was signed by Management Board Member – Vnesheconombank First Deputy Chairman Nikolay Kosov, on behalf of SWIFT - by its Head Lazaro Campos.

The Memorandum states basic principles that would underlie further cooperation between the parties including standardization of SWIFT infrastructure used by Vnesheconombank and its subsidiary companies and banks, use of SWIFTNet platform as well as application of the International Organization for Standardization’s (ISO) standards on the Russian financial market.

The Society for World Interbank Financial Telecommunication SCRL (SWIFT) is a global interbank system of exchanging information and making payments. The SWIFT system was established by a group of 239 banks and now it incorporates as many as 8 thousand. The network is used daily to conduct more than 15 million transactions. SWIFT is a nonprofit organization with its headquarters in Brussels. The SWIFT system’s main advantage is that it standardized and simplified payments between financial institutions.

 

Press Office of Vnesheconombank
Contac person: Ekaterina Karasina
Phone: +7 (495) 608-46-93, Fax: +7 (499) 975-21-34
E-mail: press@veb.ru


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