Putin Says Russia Is Ready To Replace SWIFT With Its Own System For International Payments

MENAFN: Putin says that Russia ready to replace SWIFT for BRICS 

(MENAFN) The System for Transfer of Financial Messages (SPFS), Russia's replacement for SWIFT, is open to banks from the BRICS nations, according to Russian President Vladimir Putin, who announced this on Wednesday. 

Putin claimed at a BRICS economic event that Moscow is creating dependable substitutes for international payments with its allies Brazil, India, China, and South Africa.

“The Russian system for transmitting financial messages is open to connecting banks from the five countries,” he declared, noting: “The geography of the use of the Russian payment system Mir is expanding.”  

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WNU Editor: Here is an easy prediction. There are going to be a lot of governments wanting to be a part of this banking/financial system when it is up and working .... Myanmar Negotiating To De-dollarize Economy, Join Russia's Alternative Payment System (Republic World).  

Update: Here is a good analysis .... China and Russia are working on homegrown alternatives to the SWIFT payment system. Here's what they would mean for the US dollar (Business Insider).