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Russia's SWIFT Equivalent Already in Use

Last year voices in the west were raising the prospect of banning Russia from the SWIFT cross-border payments system

Mon, Sep 21, 2015 | 4,738 Comments

KAZAN, September 18 (TASS) - A number of big Russian banks are already using the equivalent of SWIFT created by the Central Bank, the regulator’s Deputy Chairman Olga Skorobogatova said at Finnopolis 2015 conference on Friday.

"Some big banks are already signing bilateral agreements and using the system [alternative to SWIFT - TASS]," she said.



Earlier TASS reported with reference to Central Bank Chief Elvira Nabiullina that an equivalent of Belgian SWIFT has "practically" been created in Russia. "As far as financial messages transmission is concerned, we have practically set up a SWIFT equivalent in Russia," Nabiullina said.

The system contemplates competitive tariffs and the regulator is ready to develop and improve this service, she added. Several dozen banks are ready to use it, Nabiullina said. Head of the Central Bank said that the SWIFT equivalent was developed with maximum use of Russian IT technologies. "Many complained our microelectronics is poorly developing and so on, but the demand is needed to develop domestic production. We are generating such a demand," Nabiullina said.

It was reported earlier that Russia’s SWIFT equivalent would be launched in fall 2015.

Simultaneously with Russia, China is also launching with own system of banking transaction system. Earlier Russian Deputy Finance Minister Alexey Moiseyev said creation of an equivalent to SWIFT within BRICS could become the next step of creating behind-the-border systems of banking info exchange.


MOSCOW, September 17 (TASS) - An equivalent of Belgian SWIFT has practically been created in Russia, Central Bank Chief Elvira Nabiullina said on Thursday.

"Work is on track," the Central Bank Chief said. "As far as financial messages transmission is concerned, we have practically set up a SWIFT counterpart in Russia," Nabiullina said. The system contemplates competitive tariffs and the regulator is ready to develop and improve this service, she added.

Several dozen banks are ready to use it, Nabiullina said. The head of the Central Bank said that the SWIFT equivalent is being developed with maximum use of Russian IT technologies. "Many complained our microelectronics is poorly developing and so on, but demand is needed to develop domestic production. We are generating such demand," Nabiullina said.

It was reported earlier that Russia’s SWIFT counterpart would be launched in fall 2015. The need for having a domestic SWIFT and a national payment system became more acute after sector sanctions were imposed against Russia last year.

The Society for Worldwide Interbank Financial Telecommunications (SWIFT) transmits 1.8 billion communications a year, remitting payment orders worth $6 trillion a day. The system comprises over 9,000 banks from 209 countries.

Under the SWIFT charter, groups of members and users are set up in each country covered by the system. In Russia, these groups are united in the RosSWIFT association.

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