Russia discusses integration of payment infrastructures with BRICS

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Russia is discussing with other BRICS countries the interaction of national systems for transmitting financial messages, the country’s central bank governor, Elvira Nabiullina, said on Tuesday.

“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,” said Nabiullina.

She added that 159 foreign participants from 20 countries have already joined the Russian system.

The SPFS was created by the Bank of Russia to mitigate the risks of potential disconnection of Russian banks from SWIFT — an international interbank system for transmitting information and making payments, which connects more than 11,000 organizations in almost every country in the world.

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