Latest news with #SWIFT


Mint
a day ago
- Business
- Mint
Mint Explainer: Why does the EU keep sanctioning Russia?
On Friday the European Union imposed its 18th package of sanctions against Russia for its February 2022 invasion of Ukraine. This round of sanctions may affect India more than previous ones. But do sanctions even work? What's the thinking behind them, and how have they affected Russia? What are the latest EU sanctions against Russia? The latest EU and UK sanctions against Russia are their most stringent yet. The aim is to show Western solidarity against Russia for its invasion of Ukraine on 24 February, 2022. Key measures in the latest package fall under eight categories: energy, finances, trade, anti-circumvention, military capabilities and supply chains, protecting EU member-states from arbitration, Russian accountability, and against Russian ally Belarus. Within these categories, the list of measures is fairly exhaustive. Key measures include: Isn't Russia already under Western sanctions? What's the point of a new package? Indeed it is – since 2022 in fact, when the Group of Seven (G7) countries — Canada, France, Germany, Italy, Japan, the UK and US — announce the first punitive package after Russia invaded Ukraine. Australia joined in, too. The highlights were a price cap of $60 per barrel of Russian oil, and excluding Russia from systems of international bank transfers such as SWIFT. The goal of the new package to tighten the original sanctions, as indeed they have been incrementally. This is because Russia has been able to counter the G7 sanctions by selling oil cheaply to China and India — massive, growing economies that thirsty for oil. Surely these are easy to plug? You would think. In fact, no one's blameless in this game of geopolitics. Together, China and India represent a massive market for G7 and EU goods. A shrinking world helps no one. Secondly, the G7 and EU also opportunistically skirted the sanctions by buying refined petroleum products from India. According to the Global Trade Research Initiative, an Indian think-tank, India exported $19.2 billion worth of petroleum products to the EU in FY24, but this slid to $15 billion in 2024-25. Another sanctions-buster was the shadow fleet of around 1,000-1,400 tankers that Russia used to move its oil around, camouflaging its ownership and registration details. The latest sanctions seek to address both these gaps — re-export of refined petroleum products and shadow fleets. How do these gaps arise? Aren't sanctions meant to be water-tight? You wish. Data from the S&P Global Commodities at Sea and Maritime Intelligence Risk Suite shows more than 39% of Russia's 3.36 million barrels per day of seaborne crude in June was loaded by tankers 'flagged, owned or operated" by companies based in the G7, the EU, Australia, Switzerland or Norway, or insured by 'Western protection and indemnity clubs". This was the highest monthly reading since November 2023 and well above 19% in May, though not too far from 36.9% in April. Greek shippers were particularly brazen. Some analysts said fears of breaching sanctions were easing because Western governments mainly targeted shadow fleet operators rather than mainstream shipping companies. Note that the ban on third-country exports of refined products made from Russian oil has five powerful exceptions: Canada, Norway, Switzerland, the UK, and the US. So war is good for business? That's a sad and old truism of economics. To buttress that point, there are other gaps, too. The American think-tank Atlantic Council said most Russian banks maintain access to SWIFT, which allows them to conduct international transactions and settle cross-border payments. The think tank calculated that Russia imported over $900 million worth of battlefield and dual-use technology per month in the first half of 2023. How do the sanctions affect India? The current package will hit India harder than the previous rounds, analysts said. First, it has strictures against EU imports of petroleum products made from Russian oil and refined by third countries such as India. 'India's $5 billion exports of petroleum products to the EU are at risk. Although India continues to engage in legitimate trade with Russia, the political optics of such transactions is shifting in Western capitals. As energy ties deepen, India will have to walk a fine line between economic pragmatism and geopolitical pressure," said GTRI founder Ajay Srivastava. Second, the EU has targeted Indian firm Nayara Energy Ltd, whose ownership is split between Russian energy giant Rosneft and SPV Kesani Enterprises Co Ltd, an investment consortium. According to Reuters, Russian energy giant Rosneft has a 49.13% stake in Nayara Energy's 400,000-barrels-per-day refinery at Vadinar, Gujarat. It owns nearly 7,000 fuel outlets across India and is developing an integrated petrochemicals plant next to its refinery, as Mint reported earlier. The sanctions are set to complicate Rosneft's plans to sell its stake in Nayara. According to Bloomberg, Rosneft held talks with Reliance Industries Ltd for a possible stake sale. The Russian giant has been unable to repatriate earnings from Nayara because of previous sanctions. What about India' oil imports? India depends on imports for around 85% of its oil requirement. Since the first round of sanctions, its purchases of Russian crude have jumped from 1% of its total oil imports to 35%. The even-lower price of $47 for Russian crude will help Indian industry. In case Russian supplies are hit, Indian Oil Corp will "go back to the same template [of supplies] as was used pre-Ukraine crisis when Russian supplies to India were below 2%," chairman A.S. Sahney said. Oil minister Hardeep Singh Puri aso said he wasn't worried. "India has diversified the sources of supply and we have gone, I think, from about 27 countries that we used to buy from to about 40 countries now," he said. India's oil imports from Russia rose marginally in the first half of the year, with private refiners Reliance Industries Ltd and Nayara Energy accounting for about half of the overall purchases from Moscow. What has India said about all this? As India is the world's fastest-growing major economy, energy security is a big part of its economic and foreign policy objectives. The latest round of EU sanctions hasn't pleased New Delhi at all. "India does not subscribe to any unilateral sanction measures. We are a responsible actor and remain fully committed to our legal obligations," external affairs ministry spokesperson Randhir Jaiswal said. "The government of India considers the provision of energy security a responsibility of paramount importance to meet the basic needs of its citizens. We would stress that there should be no double standards, especially when it comes to energy trade." Are the sanctions against Russia working? This isn't easy to estimate. According to the Centre for Research on Energy and Clean Air (CREA), an independent think-tank with Finnish founders, Russia's total global fossil fuel earnings in the third year of the invasion reached €242 billion and have totalled €847 billion since the start of the invasion. China, India and Turkey are the biggest buyers of Russian oil. So Russian workarounds are certainly working; hence the tighter sanctions. But in May, Russia's monthly fossil fuel export revenues dropped 3% month-on-month to €565 million per day — the lowest since the invasion — according to CREA. The EU has been the largest buyer of Russian liquefied natural gas (LNG) since the first sanctions until May 2025. It imports sanctioned goods through Georgia, Belarus and Kazakhstan, according to researchers at King's College London. Then there's always China, which supplies high-tech products. According to the IMF, Russia's GDP per capita has declined to $14,260 from nearly $16,000 in 2013. At the same time, there are contradictory reports about how stores in Russia are full of luxury goods smuggled in from neighbouring countries. Clearly, the EU and other western powers are in it for the long haul. US President Donald Trump's policy flip-flops over Ukraine (he now supports the besieged nation) means Russia has been able to bomb the country at will. This time around, too, the US opposed an EU push for an even lower price cap of $45 on Russian oil. So, what's the bottom line? Remember, the 2022 sanctions built on measures first introduced in 2014 in response to Russia's annexation of Crimea and other neighbouring areas. So, as long as there is no peace between Russia and Ukraine, the sanctions regime will continue, affecting Indian and other countries in the process. Trump has now given Russia 50 days to agree to a peace deal. What if it doesn't? What's the plan? We don't know.


The Citizen
a day ago
- Business
- The Citizen
Brics bloc slows down on de-dollarisation
Member countries made no new decisions on launching its own currency at the recent summit in Brazil. The technical, political and logistical hurdles of launching its own medium of exchange remain huge. Picture: Mika Otsuki / The Yomiuri Shimbun via AFP) Member countries of the Brics trading bloc seem to have backed down from their rather lofty ideal of establishing their own currency to counter the dominance of the US dollar and the euro, choosing to slow down the process by focusing on growing cross-border trade in national currencies – for now. Commentators noted that current economic and geopolitical uncertainties may have contributed to the new cautious approach while US President Donald Trump's trade war certainly led to it by pitting the US against everyone else. Although the creation of a Brics currency featured prominently at the 2024 Brics Summit in Kazan, Russia, it has become clear that ambitions for an immediate launch have cooled. Russian President Vladimir Putin, who once led the charge for de-dollarisation, appeared on stage at the summit holding what seemed to be a prototype Brics banknote, dubbed the Unit. Now even Putin has softened his tone, stating that the bloc's goal was not to break away from the US-dominated SWIFT (Society for Worldwide Interbank Financial Telecommunications) financial system entirely but rather to reduce the dollar's 'weaponisation' and promote the use of local currencies for trade between the Brics members. ALSO READ: 'Trump is talking from the past': US president 'might regret' warning to Brics over dollar Since discussions around a new global reserve currency began in earnest during the 14th Brics Summit in 2022, progress has largely been rhetorical. Putin then said the Brics countries were ready to issue a new reserve currency backed by a basket of Brics currencies. Brazil's President Luiz Inácio Lula da Silva echoed this vision in 2023, but hopes of a major announcement at that year's summit failed to materialise. The latest summit, held in July 2025 in Rio de Janeiro, took a more measured tone. While the idea of launching a Brics currency – potentially backed by gold – remains on the table, there is no timeline for its implementation. Brazil, which holds the rotating presidency of the group this year, confirmed that no significant decisions on a new currency are imminent. Still, efforts to reduce reliance on the greenback continue. ALSO READ: 'They can find another sucker!': Trump warns Brics countries against replacing dollar The final declaration of the summit runs to 31 pages and outlines extensive plans to deepen cooperation across a range of issues, from global institutional reform and AI development to climate change and logistics infrastructure. The document reaffirms the bloc's commitment to using national currencies in cross-border trade and promoting financial systems independent of the US dollar, including the further development of the Brics Pay platform and consolidation of the Brics New Development Bank (NDB). The goal is clear: shift away from dollar dominance without destabilising global markets or member states' economies. ALSO READ: Analysts say Trump's bid to weaken Brics will fail as US influence declines Trump The return of Donald Trump to the White House on 20 January 2025 has added a new layer of complexity. Markets reacted immediately. The dollar strengthened and currencies such as the Chinese yuan, Russian ruble, Brazilian real, Indian rupee and SA rand depreciated sharply in the days following Trump's election and subsequant inauguration. While these initial losses were later reversed, the shock underscored the power the US still holds in global finance – and why Brics nations may be hesitant about provoking unnecessary volatility by launching a competing currency. Trump's renewed 'America First' rhetoric and ongoing trade disputes with China, Russia and other countries have reinforced the sense among Brics nations that economic resilience requires diversification. But even with this motivation, the technical, political and logistical hurdles of launching a shared Brics currency remain huge. The Atlantic Council, a grouping of US organisations that support the Atlantic Alliance, points out that the dollar continues to dominate the global financial system, as it is used in about 88% of currency trades and comprises 59% of all central bank reserves. While the share of world trade conducted in dollars has gradually declined, the dollar remains entrenched as the world's primary reserve and settlement currency. ALSO READ: Trump victory: Trouble for the rand and Brics allies, joy for crypto Patience In a report by the International Institute for Middle East and Balkan Studies (IFIMES), Advisory Board member and retired Romanian army general Corneliu Pivariu, offered a frank analysis of the summit's outcomes. He characterised the July 2025 Brics meeting as 'a turning point', and said there is potential to accelerate the process of de-dollarisation and the consolidation of a multipolar economic order. Yet he acknowledged that the movement remains cautious. 'The summit reflects the consolidation of Brics as an alternative, but cautious pole, without radical steps. The event marks a shift from ideological rhetoric to practical measures for building economic, financial, and technological autonomy,' said Pivariu. He noted that the summit took place against a backdrop of stagnating Western economic growth, the prolonged Russia-Ukraine war, rising tensions in the Middle East, and accelerating industrial development across Asia. ALSO READ: It's official: Brics welcomes new members to partnership Other 'more significant' moves While the Brics bloc reaffirmed its commitment to reforming global institutions such as the United Nations, International Monetary Fund, and the World Bank, Pivariu says the bloc's more significant moves involve promoting independent payment systems, developing internal supply chains, and pursuing technological cooperation aimed at achieving medium-term autonomy. 'The 2025 Brics meeting will consolidate the trend of diversifying global economic and financial relations, offering member states and partners an alternative to dollar hegemony. 'Through energy and resource agreements, Brics will reduce its members' exposure to sanctions imposed by the USA and EU,' he said. He warned, however, that the West is taking notice. 'The US and the EU have expressed concerns regarding the accelerated de-dollarisation process, fearing the loss of global financial influence and the shift of trade flows towards Brics platforms,' Pivariu said in the report. He added that Europe may need to adjust its energy and industrial strategies to mitigate the risk of being edged out of key markets, especially in the Southern Hemisphere. ALSO READ: Brics bank approves over R20 billion in loans for South African infrastructure projects Idea to infrastructure It is becoming clear that Brics members are moving away from sensational headlines and emotional announcements towards the less glamorous and more practical tasks of building infrastructure to promote systems for financial and physical trade. Pivariu said the summit's emphasis on cross-border systems, local currency settlement, and digital payment integration shows that the member countries understand their limitations, but are 'willing to play the long game'. 'While a gold-backed Brics currency might grab attention, the immediate reality is that increasing the use of national currencies in trade, establishing sovereign payment rails, and strengthening institutions like the NDB offer far more practical benefits for now. 'The Brics strategy seems to be about laying the groundwork for autonomy rather than attempting to topple the dollar overnight,' Pivariu said. 'The summit confirmed that technological and industrial partnerships are becoming a strategic pillar of the bloc. 'In the medium term, Brics aims to create an integrated internal market and transform itself into a major global industrial-technological actor.' This ambition, if realised, would represent the most meaningful step yet toward a multi-polar world, with or without a shared Brics banknote. This article was republished from Moneyweb. Read the original here.

Associated Press
2 days ago
- Business
- Associated Press
KONET Files Patent for Blockchain-Based Collateralized Stablecoin Operations and Management Technology
- Infrastructure designed for multi-blockchain environments including the KONET Mainnet - A strategic step toward entering the global Web3 payments market SINGAPORE, SG / ACCESS Newswire / July 21, 2025 / KONET, a global mainnet project, announced that it has filed a patent for an infrastructure technology that enables full-cycle management of collateralized stablecoins, covering issuance, distribution, settlement, burning, and value stabilization. The technology is designed as a universal framework applicable not only to the KONET Mainnet but also to Ethereum, independent blockchains, and both public and private blockchain environments. Multi-Chain Expansion Architecture Based on KONET The patent leverages KONET's EVM compatibility and cross-chain scalability. This enables high applicability across real-world sectors such as global financial institutions, payment networks, and online merchants. By enhancing its previously registered payment intermediation patent, KONET now offers a blueprint for expanding its infrastructure into global payment and remittance services. Real-Time Collateral Verification and Value Stabilization Mechanism The system issues stablecoins only when qualified individuals, enterprises, or institutions deposit fiat or crypto assets as collateral. The collateral ratio is automatically calculated and verified in real time, and the entire lifecycle from issuance to burning is transparently managed on-chain. When market prices deviate significantly from their pegged value, the system automatically adjusts liquidity to stabilize the stablecoin. A separate governance token structure enables additional token issuance or profit-based token burns in the event of collateral shortfalls. Compliance-Ready Design with Global Financial Network Integration The patent includes integrated features for AML/KYC verification, abnormal transaction detection, and automated restrictions, ensuring compliance with regulations in various jurisdictions. Notably, the infrastructure also incorporates SWIFT integration and cross-chain bridging capabilities, enabling direct connectivity between Ethereum and traditional financial networks. Strategic Significance of the KONET Mainnet KONET is a public EVM-compatible mainnet supporting a wide range of Web3 infrastructure use cases, including content investment, digital payments, and on-chain finance. - Over 8.4 million cumulative transactions - More than 1.29 million unique wallet addresses - Integrated with major global exchanges such as Bybit, and GOPAX - KONET LAB enables user-friendly Web3 token creation tools KONET serves not just as infrastructure but as the core main foundation for real-world Web3 applications. Strategic Technology Positioning in Light of Regulatory Developments On July 17, 2025, the U.S. Congress passed the Genius Act, the world's first legislation to officially integrate stablecoins into the traditional financial system. In response, KONET's newly filed patent has gained attention as a proactive solution that demonstrates both regulatory compliance and technical maturity. The KONET Mainnet-based collateralized stablecoin system is expected to serve as a strategic core asset for the future expansion of digital currencies backed by major global fiat currencies, as well as cross-border payment infrastructures. Visit KONET LAB: KONET Official Website: Buy KONET: Contact InformationWyatt Lee CMO +82 10 4694 6129 SOURCE: KONET press release


Business Recorder
3 days ago
- Business
- Business Recorder
Sanctions eroding USD's global reach
History may hold US President Donald Trump responsible for undermining the pervasive influence of his country in several international agencies dating back to when the US was the sole superpower - from 1989 subsequent to the collapse of the Soviet Union roughly around 2017: World Trade Organisation (WTO) by raising tariffs on all imports into the US, North Atlantic Treaty Organisation (insisting on greater equality in contributions by member countries and threatening to revisit Article 5 which stipulates that all member countries will come to the assistance of a member if attacked), and International Atomic Energy Agency (by bombing nuclear sites in Non-Proliferation Treaty signatory Iran thereby taking away the protection implicit to signatories). But what President Trump cannot be solely held responsible for is the global momentum towards de-dollarisation mainly due to the overuse of sanctions by administrations dating back to 2000, including his own first term. Sanctions have become the tool of first resort for American presidents, which has compelled heavily sanctioned countries to consider trading in a currency other than the dollar through a messaging/transfer system that is not hostage to US-led sanctions. The Society for Worldwide Interbank Financial Telecomm unication (SWIF T) was founded in 1973, essentially to replace telex, and has since become a global provider of secure financial messaging services. It is headquartered in Belgium and is a member owned cooperative connecting 11000 banks, financial institutions and corporations in more than 200 countries/territories and is overseen by G-10 banks — Belgium, Canada, France, Germany, Italy, Japan, Netherlands, Sweden, Switzerland, UK, and USA – countries defined as the West, unequivocally led by the US. In 2006-07, SWIFT allowed financial institutions to comply with FATF SR VII (fighting terrorist financing by mentioning more detailed information about the payment ordering customer). SWIFT then began to liaise closely with Financial Action Task Force to combat money laundering and terror related financing by providing information and data and worked with the US Treasury's terrorist finance tracking program. In 2010 financial institutions began to include underlying customer information; and to comply with sanction laws, increasingly used by the US-led West as a foreign policy tool. However, SWIFT maintained that compliance rested with financial institutions and competent authorities and that it did not arbitrarily select which jurisdiction's sanctions to follow but because it is incorporated in Belgium it complies with related European Union regulation, confirmed by the Belgium government. In 2012, twenty-nine years after SWIFT was founded, it's framework was reviewed, and a SWIFT Oversight Forum was established in which the G-10 banks were joined by ten other central banks from major economies: Reserve Bank of Australia, People's Bank of China, Hong Kong Monetary Authority, Reserve Bank of India, Bank of Korea, Bank of Russia, Saudi Arabian Monetary Agency, Monetary Authority of Singapore, South African Reserve Bank and Central Bank of the Republic of Turkey. The influence of the Bank of Russia, sanctioned by the US, is non-existent, given that Western banks have frozen the 300 billion dollars of Russian reserves they held and appropriated the interest and on-lent it to Ukraine. Notwithstanding SWIFT's claims of neutrality three subsequent decisions allowed the US-led West to determine which country or entity was to be sanctioned, and the selection in at least three cases, notably Iran, North Korea and Russia, mirrored US foreign policy thrust. In 2012, pursuant to international and multilateral action to intensify financial sanctions against Iran, EU regulation 267/2012 was passed – a regulation that prohibited SWIFT from providing service to EU sanctioned Iranian banks. In March 2016 SWIFT restricted access of North Korean banks, reportedly due to UN sanctions and concerns about their role in illicit activities. And in 2022, two days after the Russian invasion of Ukraine, at Ukraine government's request, SWIFT disconnected all designated Russian entities and their Russian based subsidiaries/entities as well as Belorussian and the country's designated subsidiaries from SWIFT Network in compliance with the EU Council Regulation (765/2006). Today 1400 financial institutions in over 100 countries use CIPS which relies on SWIFT's messaging service for over 80 percent of its transactions. It uses SWIFTs standard for syntax in financial messages as those formatted to SWIFT standards can be read and processed by many well-known financial processing systems, whether or not the message travelled over the SWIFT network. Be that as it may, due to digital real time transfer of funds, SWIFT is unlikely to remain the primary source of money transfer for long. China overtook the US in purchasing power parity (PPP) nine years ago in 2016, and by 2022 the International Monetary Fund (IMF) rated the Chinese economy in PPP terms to be 23 percent larger than the US, the World Bank rated it 19.8 percent larger than the US and even the CIA considered China larger by 16 percent. No doubt fully cognizant of its growing economic power, in 2015 Peoples Bank of China launched a Cross Border Interbank Payment System (CIPS) to (i) facilitate international Renmibi transactions; (ii) provide real time clearing and settlement; and (iii) operate independently and alongside SWIFT. It is a matter of time that with the rising rivalry between China and the US, CIPS may delink from SWIFT sooner rather than later. In 2021 Shaikh Muhammad Shariq, Chief Representative of the National Bank of Pakistan, while addressing the Pakistan Investment Forum and the Cross-border E-commerce Conference held in Pakistani Embassy Beijing noted that 'ICBC and Bank of China, Karachi branches are providing CNY clearing & settlement services in Pakistan. ICBC Karachi branch has also obtained the direct participation qualification of the first cross-border CNY clearing mechanism of CIPS in South Asia to facilitate and ensure quick and smooth CNY clearing to improve bilateral trade.' Another emerging platform, BRICS (Brazil Russia India China South Africa), has begun talks on replacing the dollar and developing an alternate payment system bypassing SWIFT and reducing reliance on Western financial institutions. This demand is not only from the sanctioned countries but also other countries grappling with Trump tariffs, demand to curtail economic and trade relations with China and last but not least due to the ongoing de-dollarization of the global economy. In 2021, the Atlantic Council concluded that sanctions have a poor record, rarely change a target's behaviour and often generate negative unintended consequences, and urged US policymakers to focus on whether sanctions are likely to produce the desired result rather than simply serving as a tool to signal displeasure. That exhortation has yet to resonate with the Trump administration and the threat of punitive sanctions against Russia in 50 days, unless it agrees to the terms of a ceasefire dictated by the US, would generate secondary sanctions (defined as those countries that continue to trade with Russia). Neither Russia nor its major trading partners, China, Brazil and India, appear to be concerned with China's s Xi Xinpeng dismissing the threat by stating that China would deepen its ties with Russia. To conclude, Pakistan's trade with Russia is less than one billion dollars while our trade with the US is around 3 billion dollars, less than 4 percent of the sum of our exports and imports, however the US exercises tremendous influence over all multilateral institutions (barring the Infrastructure Bank set up by China) – institutions from which Pakistan borrows heavily to avert the existing looming threat of default (ironically since 2019 even China has shown a reluctance to extend rollovers to Pakistan without being on a rigidly monitored IMF programme) and hence the threat of secondary sanctions by the US are going to play a key role in the country's decision to trade with Russia. Copyright Business Recorder, 2025
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Business Standard
3 days ago
- Business
- Business Standard
IBA urges banks to speed up ISO 20022 shift to avoid payment issues
BA Chief Executive Atul Kumar Goel said it is essential for lenders to begin migration by August 2025 to ensure sufficient buffer time for monitoring ISO 20222 transaction volumes Press Trust of India New Delhi Indian Banks' Association (IBA) has asked all banks to fast-track the implementation of the SWIFT ISO 20022 norms, failing which they may face difficulties in cross-border payments. In a letter recently written to heads of all banks, IBA Chief Executive Atul Kumar Goel said it is essential for lenders to begin migration by August 2025 to ensure sufficient buffer time for monitoring ISO 20222 transaction volumes. ISO 20022 is a global standard for financial messaging that the Society for Worldwide Interbank Financial Telecommunication (SWIFT) is adopting for cross-border payments and reporting. This new standard for messaging aims to improve the payments flow through faster processing, visibility, cost reduction, enhanced reconciliation and increased interoperability. As many as 3 banks in India reached a migration percentage rate of above 85 per cent, while the majority of banks are still targeting migration closer to the global deadline of November 2025, the letter said. This approach may pose significant operational and technical risks for India as a country, including exposure to message rejections, reduced readiness for exception handling, and potential customer impact, Goel cautioned banks. SWIFT began its migration to ISO 20022, with a coexistence period that will continue until November 2025, according to the letter. The coexistence period is a migration phase to ensure a smooth transition to a new format, allowing the use of the new and existing legacy MT messaging standard for a limited period. The coexistence period between the legacy systems (MT) and ISO 20022 will officially end on November 22, 2025. Any MT payment instruction messages in the scope post November 22, 2025, will fail validation, the IBA informed banks. Institutions that wish to prevent risk of service disruption due to stricter network validation, loss of data, and avoid additional charges should ensure they do not send FIN (financial information) /MT (message type) instruction messages for cross-border bank-to-bank payments after November 2025, it said. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)