Draft:ACUMER

Automated Currency Management and Exchange Reporting{{Cite web |date=2024-11-26 |title=The West's return to talks with Iran |url=https://www.tehrantimes.com/news/506798/The-West-s-return-to-talks-with-Iran |access-date=2025-02-26 |website=Tehran Times |language=en}} also more commonly and popularly known by its acronym ACUMER is an Iranian-based payment system that has been formed as a paradigm shift approach to shift the focus from the Belgium-based SWIFT payment system and the concept of bringing ACUMER was coined by Iran as a retaliation to the international sanctions imposed by the United States which has ever since limited Iran's competitive edge in the context of international trade.{{Cite web |last= |date=2024-11-25 |title=Iran top banker: Significant measures taken to counter sanctions |url=https://en.irna.ir/news/85670174/Iran-top-banker-Significant-measures-taken-to-counter-sanctions |access-date=2025-02-26 |website=IRNA English |language=en}} Iran had long conceived an idea of bringing a viable alternative option to SWIFT in order to actively engage in smooth economic activities and international trade.{{Cite web |date=2024-11-25 |title=Iran unveils SWIFT competitor called ACUMER |url=https://www.intellinews.com/iran-unveils-swift-competitor-called-acumer-354944/ |access-date=2025-02-26 |website=www.intellinews.com |language=en}}

ACUMER is depicted to be the catalyst and benchmark of breaking away from the western based SWIFT as far as Asian nations are concerned and it is viewed as a platform that can strengthen ties among Asian nations more than before. ACUMER is considered as a prudential measure and framework with an emphasis towards catering to a proposed unified financial messaging system that would facilitate faster and more efficient inter-bank financial settlements between member countries within the ACU network.{{Cite web |date=2024-11-25 |title=Iran replaces SWIFT system with ACUMER |url=https://report.az/en/region/iran-replaces-swift-system-with-acumer/ |access-date=2025-02-26 |website=Report News Agency |language=en}}

Timeline

Central Bank of Iran has been actively involved in pursuing de-dollarisation measures to avoid being dependent on SWIFT platform for their international transactions. Iran made its intentions to clear to reduce their dependence of US denominated dollar and articulated policies to use the currencies when performing international trade. India, Pakistan and Iran have been reportedly using ACUMER for transactions ever since Tehran had been focused on its strategic plans to bring ACUMER to the fore with the streamlining of a rapid development process. Despite ACUMER being regarded as a rival to SWIFT, it has been conceptualized and designed in a manner similar to the fundamentals of the SWIFT standards, but it is designed to be sanctions-proof. In November 2024, the Central Bank of Iran head Mohammad Reza Farzin had confirmed officially that Iran had abandoned SWIFT to pursue greener pastures with the advent of ACUMER.

In February 2025, according to some sources, it was revealed that the representatives of the Standing Technical Committee of Asian Clearing Union (STCACU) held a meeting in Dhaka to focus on the implementation of ACUMER as the tailor made platform in the process of facilitation of payment systems for cross-border transactions.{{Cite news |title=ACU's Dhaka meeting focuses on simplifying cross-border transactions |url=https://thefinancialexpress.com.bd/home/acus-dhaka-meeting-focuses-on-simplifying-cross-border-transactions |access-date=2025-02-26 |work=The Financial Express |language=en-US}} The meeting agenda focused on introducing digital currency and simplifying the cross-border transaction method where the notion of implementing ACUMER was brought into the equation. In addition, there were recommendations and suggestions requested towards all the member countries of Asian Clearing Union such as Bangladesh, Bhutan, Iran, India, Maldives, Nepal, Pakistan, Sri Lanka, and Myanmar to join the ACUMER by March 2025 which was set as the cutoff period and complete the financial transactions.{{Cite web |title=ACU's Dhaka meeting focuses on simplifying cross-border transactions |url=https://unb.com.bd/category/Bangladesh/acus-dhaka-meeting-focuses-on-simplifying-cross-border-transactions/154192 |access-date=2025-02-26 |website=unb.com.bd |language=English}}

References

External links

{{Official website}}