21:40 GMT +327 October 2016
    Russian Central Bank building on Neglinnaya Street

    Russia Launches Own 'SWIFT' Service, Links Up 91 Credit Institutions

    © Sputnik/ Anton Denisov
    Get short URL
    0 14407493

    Almost 91 of Russia's credit institutions have been incorporated into a newly launched Russian domestic 'SWIFT' analogous.

    Ekaterina Blinova — Almost 91 domestic credit institutions have been incorporated into the new Russian financial system, the analogous of SWIFT, an international banking network.

    The new service, will allow Russian banks to communicate seamlessly through the Central Bank of Russia. It should be noted that Russia's Central Bank initiated the development of the country's own messaging system in response to repeated threats voiced by Moscow's Western partners to disconnect Russia from SWIFT.

    SWIFT (The Society for Worldwide Interbank Financial Telecommunication) is a Belgium-based international organization that provides services and a standardized environment for global banking communicating that allows financial institutions to send and receive messages about their transactions.

    Joining the global interbank system in 1989, Russia has become one of the most active users of SWIFT globally, sending hundreds of thousands of messages per day. In general, SWIFT provides a secure communication network for more than ten thousands of financial institutions around the world, approving transactions of trillions of US dollars.

    Swift payment system
    © Photo: https://twitter.com/swiftcommunity/
    Earlier this month Russian Deputy Prime Minister Igor Shuvalov expressed confidence that Russia would not be disconnected from SWIFT. In her turn, Russian Central Bank First Deputy Chair Ksenia Yudaeva called upon Russian civilians and financial institutions not to dramatize the current situation.

    Russian experts point to the fact that Western businesses would face severe losses if they expelled Russia from the international SWIFT system. On the other hand, the alternative system launched by Russia might reduce the negative impacts caused by measures imposed by the West, including possible disconnection from SWIFT, and diminish Western financial dominance over Russia.


    Australia Against Russia Being Excluded From SWIFT - Ambassador
    Economic Development Minister: Russia’s Exclusion From SWIFT Unlikely
    European Parliament Calls For Excluding Russia From SWIFT System
    Members of Customs Union Plan to Create SWIFT Equivalent
    SWIFT payment system, Russian Central Bank, Russia
    Community standardsDiscussion
    Comment via FacebookComment via Sputnik
    • Сomment

    Top stories