Foreign banks want to oblige to switch to the Russian analogue of SWIFT
After the events of 2014 in the Crimea and the Donbass, Western countries imposed sanctions against Russia. Then they first talked about the possible disconnection of our country from the international payment system SWIFT. And although things didn’t go beyond conversations, the Russian government began developing its own system of interbank information transfer.
Already in the spring of 2017, it became known that the domestic financial messaging system (SPFS) was launched and Russian banks began to connect to it. Today, more than 400 users are already included in it - mainly credit organizations and large concerns.
The system has proven its reliability and stability, and therefore in Russia it was proposed to force domestic and foreign banks, which have their offices in Russia, to join SPFS. This initiative belongs to the Accounts Chamber of Russia. It is assumed that such a norm will make it possible to repeatedly strengthen the stability of the national banking system, and in fact reduce dependence on SWIFT to zero.
It should be understood that SPFS is not a panacea. The system works exclusively within the Russian Federation and cannot provide international bank transfers.
Already in the spring of 2017, it became known that the domestic financial messaging system (SPFS) was launched and Russian banks began to connect to it. Today, more than 400 users are already included in it - mainly credit organizations and large concerns.
The system has proven its reliability and stability, and therefore in Russia it was proposed to force domestic and foreign banks, which have their offices in Russia, to join SPFS. This initiative belongs to the Accounts Chamber of Russia. It is assumed that such a norm will make it possible to repeatedly strengthen the stability of the national banking system, and in fact reduce dependence on SWIFT to zero.
It should be understood that SPFS is not a panacea. The system works exclusively within the Russian Federation and cannot provide international bank transfers.
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