ASTARA -- The branch of Export Development Bank of Iran in the border town of Astara, northern Gilan Province, joined the Society for Worldwide Interbank Financial Telecommunications (SWIFT) on Monday.

Announcing this, the head of Astara Export Development Bank of Iran, Ne'mat Fat'hi, said that clients can remit money to branches of all banks worldwide from this branch in no time. The official in charge of SWIFT at the Export Development Bank of Iran (EDBI) Mohammad-Sadeq Ajorloo said, "such a banking system ensures complete security in money transfer without any flaws."

According to him SWIFT operates round the clock every day, even on holidays.

"Currently SWIFT services are available to clients at all EDBI branches across the country and hard currency can be transferred to all the beneficiary banks within eight seconds," he added.

SWIFT was established in the Belgian capital city of Brussels in 1973. It started with 15 member states, which was later increased to 178.

SWIFT became common in Iran's banking system since 1993 and EDBI has been using it since 1996, IRNA reported.

The border city of Astara is one of the nation's significant points of foreign trade, where the annual volume of exchanged goods is approximated at one million tons.

Despite the fact that such banking facilities have been available in the area for 10 years, this is the first hard currency can be transferred through the Astara branch.

About 900 commercial companies are engaged in export, import, international transportation and providing customs fees in Astara.