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
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