VEB signs MOU with Swift

Russian state-owned Vneshenconombank (VEB) has signed a memorandum of understanding (MOU) with Swift, the payment solutions provider.

The MOU, signed by VEB first-deputy chairman Nikolay Kosov and Swift’s CEO Lazaro Campos, sets out basic agreements that will underlie further cooperation between the two parties.

This includes the standardisation of Swift infrastructure used by VEB and its subsidiary companies and banks and the use of the SWIFTNet platform.

This comes less than a month after GTR reported Swift’s collaboration with the Bank of China in launching its Bank Payment Obligation programme on its trade services utility platform.