Russian SWIFT replacement ready for BRICS – Putin

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 partners – Brazil, India, China and South Africa – Moscow 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.

Read further at: https://www.rt.com/business/557620-russian-financial-messenger-brics/