The United States and its allies may still remove Russia from a key international payment system, even after President Joe Biden declined to do so twice since the invasion, White House press secretary Jen Psaki said Friday.

The Society for Worldwide Interbank Financial Telecommunication, or SWIFT, is the main system that facilitates cross-border financial transactions and money transfers. SWIFT is overseen by the Bank of Belgium and is used by 11,000 institutions worldwide. Biden has cited a lack of consensus from Europe in electing not to make the move.

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