The Ministry of Finance supports the idea of the Central Bank of Russia to establish a SWIFT equivalent for the BRICS countries, Deputy Minister of Finance Alexei Moiseyev said. He added that this issue needs to be carefully considered, including the technology needed to create such a system.
Last week, Deputy Governor of the Central Bank Olga Skorobogatova announced a Central Bank proposal to discuss the idea of setting up a SWIFT counterpart for the BRICS countries.
Founded in 1973, SWIFT (Society for Worldwide Interbank Financial Telecommunication) allows over 9,000 banks from 209 countries to exchange information, in particular, for secure payment transfers. The company providing SWIFT services has a registered address in Brussels and its activities are governed by the laws of Belgium, an EU member-state.