The Society for Worldwide Interbank Financial Telecommunication, or SWIFT, cuts the EU-sanctioned Iranian banks out of the system following an EU Council decision. The measure will come into force at 1600 GMT on Saturday, March 17th. Lázaro Campos, CEO of SWIFT: “Disconnecting banks is an extraordinary and unprecedented step for SWIFT. It is a direct result of international and multilateral action to intensify financial sanctions against Iran.” SWIFT is a member-owned association that provides the communications platform, products and services to connect more than 10,000 financial institutions and corporations in 210 countries. For more information, please refer to SWIFT and Council of the European Union.