Alexius consultants, through USAID's Economic Reconstruction program provided the first connection to SWIFT (Society for Worldwide International Financial Telecommunication) in Armenia. SWIFT is an international payments network, which makes it possible to make interbank payments and transfers across the planet, enabling Armenia to participate more actively and effectively in the global community.
During the initial deployment, in order to ensure sustainability while the demand for international paymetns scaled, the applications were channeled through the Central Bank as a host, allowing the Armenian commercial banks to use CBA subaccounts within the SWIFT system, thereby only requiring one principle account. Once the system and demand increased, banks naturally migrated towards independent accounts. However, this initial incubation stage was necessary to grow and mature the service across the budding financial sector.
