many countries are thinking about alternatives to SWIFT – Kommersant

The established system of international payments is becoming risky, says Elvira Nabiullina, Chairman of the Central Bank of the Russian Federation. According to her, many countries are thinking about alternatives to SWIFT.

She believes that a business that is “interested in developing economic, trade, and investment relations” in such a situation begins to “actively search for alternative opportunities.” “Risks have emerged in using the established international payment infrastructure, and many countries are thinking about alternative, their own versions of cross-border payment mechanisms,” Ms. Nabiullina said in an interview with RIA Novosti.

Elvira Nabiullina spokethat being disconnected from SWIFT has become one of the most painful sanctions. In Russia, as an alternative to SWIF, they created the Financial Message Transmission System (SPFS). In January the Central Bank reportedthat 557 banks and companies from 20 countries have joined the SPFS.

More details about SPFS – in the text “Kommersant” “Finances are reported”.

Laura Keffer