RT.com
23 Jun 2022, 00:13 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)
Get a daily dose of Cape Town Express news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Cape Town Express.
More InformationSPENCER, Massachusetts: Spencer, Massachusetts Fire Chief Robert Parsons has said that a June 2 fire that burned down a 160-year-old ...
MOSCOW, Russia: Journalists from countries that are "unfriendly" to Russia will be banned from covering this year's St. Petersburg International ...
SAN FRANCISCO, California: Landowners in California participated this week in a class organized by the El Dorado Amador Prescribed Burn ...
RAMALLAH, Wet Bank - A two-and-a-half-year-old Palestinian boy shot in the head by Israeli troops has died in hospitalThe boy, ...
NEWARK, New Jersey: Six years after his 2016 presidential campaign failed to succeed, Chris Christie, former New Jersey Governor, will ...
TOKYO, Japan: To counter the declining national birthrate, Japan's Prime Minister Fumio Kishida pledged to double spending over the next ...
Blantyre, Malawi - Malawi's government has started revoking citizenship of refugees and asylum-seekers who they say obtained their status fraudulently.Officials ...
New Delhi [India], June 6 (ANI): The Indian Navy will participate in a commemorative event to mark 130 years of ...
PNNMumbai (Maharashtra) [India], June 6: JB Pharma, the fastest growing company in the Indian Pharmaceutical Market, today marks the one-year ...
Extinct humans, who lived hundreds of thousands of years ago, performed internment in a deep South African cave, researchers sayScientists ...
Moscow has been forced to seek reliable alternatives for settlements with foreign partners, Anton Siluanov has saidRussia never intended to ...
The six heads of state have indicated their availability to meet with their counterparts in Moscow and Kiev in the ...