Two sanctions of the Russian banks have refused service to SWIFT

Finastra company owns the software to work with SWIFT, refused to work with two Russian banks. About it the newspaper “Vedomosti” told two sources familiar with the situation.

Finastra business is largely concentrated in the US and Canada, have notified their Russian distributor of “Finnet”, from August 31 to stop working with the two financial organizations operating in Crimea, RNCB and Tempbank, which introduced a temporary administration.

Interlocutors of the edition noted that Finastra in the Wake of tightening sanctions assessed the risks and found themselves in the partners of two of the sanctions of the Bank, decided to stop cooperation with them.

As noted, there are multiple software vendors to work with SWIFT, Russia used the software from Finastra and the SWIFT — Alliance of Assess. The vast majority of banks in Russia and the world use from SWIFT.

According to one source, the Bank may move to another access interface to SWIFT, that he needed to sign the contract and make technical settings, it will cost tens of thousands of dollars.

The representative of the MCB, said that the organization is a backbone Bank of the Republic of Crimea and works only on the territory of Russia, except payments through Western credit organizations and using a settlement system of the Central Bank. “The MCB business and its customers is not affected by the termination of the relationship with the company Finastra” he said.