ArmInfo.The Eurasian Development Bank (EDB) began to provide settlement services for legal entities without using the international interbank settlement system SWIFT.
"Transfers can be made directly through the national payment systems of the bank's member states, which makes it possible to reduce the cost of settlement operations by eliminating foreign correspondent banks and use of the SWIFT system," the EDB said in a statement.
The EDB notes that it is primarily interested "in cooperation with companies on projects that create or carry an integration effect for the member states of the bank." "The bank provides a range of services for maintaining settlement accounts for legal entities, currency conversion, placement of deposits, including using the remote service system," the statement said.
The bank started clearing activities in accordance with its development strategy for the period up to 2022. The EDB as a regional development bank was established in 2006. Currently, the bank's participants are six states: Armenia, Belarus, Kazakhstan, Kyrgyzstan, Tajikistan and Russia.
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