Russian financial messenger ready for BRICS Putin

RT.com
22 Jun 2022, 19:43 GMT+10

Financial institutions in Brazil, India, China and South Africa can be connected to SPFS

Russian President Vladimir Putin said on Wednesday that banks from BRICS nations can freely connect to the System for Transfer of Financial Messages (SPFS), Russia's alternative to SWIFT.

While addressing a BRICS business forum, Putin said that together with its BRICS partners - Brazil, India, China and South Africa - Russia is developing reliable alternatives for international payments.

"The Russian system for transmitting financial messages is open to connecting banks from the five countries," he said, adding: "The geography of the use of the Russian payment system Mir is expanding."

The Russian president also noted that work is underway to create an international reserve currency based on a basket of BRICS currencies.

SPFS has similar functionality to SWIFT and allows the transmission of messages between financial institutions in the same format. It was created by the Bank of Russia as an alternative to the Belgium-based system in 2014, when Moscow was hit with Western sanctions over the conflict in Ukraine.

In April, Russian Central Bank governor Elvira Nabiullina said most Russian lenders and 52 foreign organizations from 12 countries had received access to SPFS, and that the regulator would keep the identity of payment system members secret.

For more stories on economy & finance visit RT's business section

(RT.com)

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to China National News.

More Information

null in null

Business

Section

Wall Street falters as America's credit rating is downgraded

Moody's AAA rating downgrade dents U.S. stock markets, dollar, bonds

NEW YORK, New York - U.S. stocks struggled on Monday as a further downgrading of U.S. debt by Moody's sent the dollar sliding and Treasury...

Richemont sales up 7% on strong jewelry demand

Cartier owner Richemont beats expectations as jewelry shines

PARIS, France: Richemont, the owner of luxury brands Cartier and Van Cleef & Arpels, posted a stronger-than-expected seven percent...

Japan’s economy shrinks, first contraction in a year

Japan's economy shrinks more than expected as US tariff hit looms

TOKYO, Japan: Japan's economy contracted for the first time in a year, shrinking at a faster pace than expected in the first quarter...

Summer could strain power supply in US, Canada, grid operator warns

Middle swath of North America at risk of power shortfalls this summer

WASHINGTON, D.C.: Parts of the U.S. and Canada may not have enough electricity this summer if hot weather causes more people to use...

Amid retail slowdown, Dick’s Sporting to acquire Foot Locker

Dick's Sporting to buy Foot Locker for $2.4 billion

CORAOPOLIS, Pennsylvania: Dick's Sporting Goods is set to acquire Foot Locker in a US$2.4 billion deal, marking the second major footwear...

Walmart warns shoppers of price hikes amid rising tariffs

Walmart shoppers to face price hikes as Trump tariffs hit

BENTONVILLE, Arkansas: Walmart shoppers are bracing for price hikes as the world's largest retailer prepares to pass on the impact...

Asia Pacific

Section

Japan’s economy shrinks, first contraction in a year

TOKYO, Japan: Japan's economy contracted for the first time in a year, shrinking at a faster pace than expected in the first quarter...

Sweden backs EU entry into Pacific trade bloc

Sweden to propose EU membership of Pacific rim free trade group CPTPP

STOCKHOLM, Sweden: Sweden plans to propose that the European Union join the Pacific Rim trading bloc, the CPTPP, aiming to create the...

China's passenger car sales rise for third straight month in April

Chinese passenger car sales rise for a third month in April

SHENZHEN, China: China's passenger car sales climbed for the third consecutive month in April, increasing 14.8 percent from a year...

Virat's fitness doesn't indicate that this was time, Rohit should have played: Joginder Sharma on Test stalwarts' retirement

By Vivek Prabhakar Singh Diu (Daman and Diu) [India], May 20 (ANI): Former India cricketer and 2007 T20 World Cup hero Joginder...

China to launch world's first drone 'mother ship' (VIDEO)

The Jiu Tian has been designed to deploy up to 100 AI-guided UAVs during high-altitude missions ...

China to launch worlds first drone mother ship

The Jiu Tian has been designed to deploy up to 100 AI-guided UAVs during high-altitude missions China is preparing to launch what...