Iran's Central Bank, Russia's Union Card continue talks on issuing cards
MOSCOW. Dec 3 (Interfax) - The Central Bank of Iran and Russian payment processing company Union Card are continuing negotiations on integrating payment systems and issues of bank cards between the two countries, the protocol of a meeting of the Russian-Iranian intergovernmental commission for trade and economic cooperation, held on November 10-12, states.
Union Card, founded in 1997, is the operator of the eponymous interbank payment system.
The Russian Chamber of Commerce's website states that representatives of Union Card discussed the possibility of providing services to cardholders for payment for goods and services, as well as withdrawing cash, during a visit to Teheran back in 2010.
Following the commission meeting, the countries recommended that Russian and Iranian banks step up work on establishing correspondent relations and opening correspondent accounts, including accounts in national currencies in accordance with the laws of Russia and Iran.
The countries are also proposing to intensify the use of documentary credit instruments and trade finance in servicing foreign trade contracts, including with more extensive use of letters of credit, guarantees and counter guarantees.
The Iran Development Bank and RFK Bank, which is wholly owned by arms trader Rosoboronexport, agreed to enter into and develop interbank agreements to promote trade.
The countries welcomed the establishment of bilateral cooperation in banking and finance, as well as financing of Iranian projects through credit lines from Russian banks.