In a recent statement, Elvira Nabiullina, the governor of Russia’s central bank, revealed that Russia is engaged in discussions with other BRICS countries regarding the interaction of national systems for transmitting financial messages. Nabiullina highlighted that Russia possesses a System for Transmitting Financial Messages (SPFS), which serves as an alternative to the widely used SWIFT system.
Nabiullina emphasized the importance of technical readiness and the interest of their partners in these discussions. She stated, “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.”
The governor also provided insight into the growing participation in the Russian system, noting that 159 foreign participants from 20 countries have already joined the SPFS. This indicates a growing interest and trust from international counterparts in Russia’s financial message system.
The SPFS was developed by the Bank of Russia as a proactive measure to mitigate the risks associated with potential disconnection of Russian banks from SWIFT. SWIFT is an international interbank system widely used for transmitting information and facilitating payments, connecting more than 11,000 organizations across nearly every country in the world.
Russia’s proactive approach to developing and promoting its financial message system reflects its efforts to ensure the stability and security of its financial infrastructure amidst evolving geopolitical dynamics and global financial systems.
(Source: Xinhua | Vixio)
