Russia is promoting its SWIFT-like system

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News Date: February 10, 2024

Russia's SWIFT alternative is expanding quickly according to the country's central bank governor, Elvira Nabiullina statement:
"Russia has a System for Transmitting Financial Messages (SPFS), which is an alternative to SWIFT.
Similar infrastructure exists in some other countries.
We are holding discussions on the interaction of such platforms, but here the interest and technical readiness of our partners are important.
159 foreign participants from 20 countries have already joined the Russian system." SPFS - Sistema peredachi finansovykh soobscheniy;
SWIFT - The Society for Worldwide Interbank Financial Telecommunication (Headquarters: La Hulpe, Belgium);
SPFS and SWIFT are global financial messaging systems.
Financial messaging involves using messaging channels to exchange crucial financial information, from account updates to fraud alerts.
The Chinese alternative is named: The Cross-Border Interbank Payment System (CIPS).

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Iran and Egypt signed a memorandum to join SCO

The Shanghai Cooperation Organization (SCO) is an intergovernmental organization founded in Shanghai on 15 June 2001.
After 21 years, the organization has become not only a strong pillar of global peace and development but also a major force for international equity and justice.
The SCO currently comprises eight Member States (China, India, Kazakhstan, Kyrgyzstan, Russia, Pakistan, Tajikistan and Uzbekistan), four Observer States interested in acceding to full membership (Afghanistan, Belarus, Iran, and Mongolia) and six 'Dialogue Partners' (Azerbaijan, Armenia, Cambodia, Nepal, Sri Lanka and Turkiye).
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Russia Proposes SWIFT-like System for BRICS

Russia is advocating for BRICS countries to develop their own financial messaging system, similar to SWIFT, to reduce reliance on Western institutions and boost financial autonomy.
Deputy Chairman Alexander Babakov stated this system would allow secure, independent transactions via state-owned banks, support African development, and reduce neocolonial influences.
Integrating with national infrastructures and using advanced cybersecurity, the system would lower transaction costs, speed up capital turnover, and improve liquidity, benefiting international trade.
"The creation of a financial messaging system similar to SWIFT will help create a new economic reality for the BRICS countries," Babakov said.
Source: TASS.