SWIFT, the Society for Worldwide Interbank Financial Telecommunication, is a global financial communication and clearing system connecting more than 10,000 financial institutions and corporations in 210 countries. The organization, headquartered in Belgium, was compelled to act against Iranian financial institutions sanctioned by the European Union.

"Disconnecting banks is an extraordinary and unprecedented step for SWIFT," said Lazaro Campos, CEO of SWIFT. "It is a direct result of international and multilateral action to intensify financial sanctions against Iran."

Read more here: http://www.sacbee.com/2012/03/15/4340463/ajc-welcomes-swift-ban-on-iranian.html#storylink=cpy