Russia’s SWIFT Substitute Ready for BRICS Nations – Putin
Russian President Vladimir Putin said Wednesday that banks from BRICS nations can freely connect to the System for Transfer of Financial Messages (SPFS), Russia’s alternative to SWIFT.
According to Putin, financial institutions in Brazil, India, China and South Africa can now be connected to SPFS
SPFS has similar functionality to SWIFT and allows 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.
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