MNA – An informed source said the Central Bank of Iran (CBI) has launched a money transfer alternative to the SWIFT, adding that foreign banks are joining the platform one after another.

An Iranian official at the CBI told Fars news agency (FNA) on Sunday that the Central Bank of Iran is setting up a platform to conduct banking transactions with foreign banks, two weeks after the US administration cut Iranian banks from the global financial network known as the SWIFT.

The official said that the foreign banks are joining the platform one after another. He also said that all Iranian banks have already joined the platform.

Iran Blockchain Labs recently signed a deal with Russian Blockchain Association to help Iran with financial problems at the time when many Iranian banks have been blocked from the SWIFT.

Recently, the governor of the CBI announced that Tehran was looking for alternatives to the SWIFT.