Rosswift plans to change its name to Rosfincom
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The Russian National Association SWIFT (Rossfivt) will change its name to the Russian National Association of Participants in Financial Communications (Rosfincom). In addition, the association is going to expand its activities by consolidating market infrastructure participants, including the Financial Message Transmission System of the Bank of Russia, SWIFT and CIPS, according to the website “Rossfivt”.
SWIFT is an international interbank information transfer system that allows you to quickly exchange, including payment orders.
CIPS is the national Chinese bank transfer system.
SPFS of the Bank of Russia is a Russian interbank system for transmitting financial information and making payments, which operates on the basis of the information and telecommunications system of the regulator.
According to the association’s press service, the decision was made due to “changes in the geopolitical situation.” The name change must be approved by the general meeting of Rossfivt. The next meeting will take place on April 19.
After the start of the military operation in Ukraine, the EU disconnected a number of large Russian banks from SWIFT. Among them are Sberbank, VTB, Otkritie Bank, Novikombank, Promsvyazbank, Rossiya Bank, MKB, RSHB and Sovcombank.
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