Russia, China & India to set up alternative to SWIFT payment system ...News

Members of the BRICS trade bloc Russia, India, and China have decided to connect their financial messaging systems to bypass the SWIFT international money transfer network. Russia’s financial messaging system SPFS will be linked with the Chinese cross-border interbank payment system CIPS. While India does not have a domestic financial messaging system yet, it plans to combine the Central Bank of Russia’s platform with a domestic service that is in development. The new system is expected to work as a “gateway” model when messages on payments are transcoded in accordance with a certain financial system. Also o

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