The Central Bank of Russia wants the national payment card system to operate along with the financial message system. The regulator also intends to create a SWFT message processing center, Deputy Director of the Central Bank’s National Payment System Department Ramilya Kanafina said.
The idea of creating a Russian alternative to the SWIFT international bank message system was put forward by Russia’s Union of Industrialists and Entrepreneurs and the Rossiya banking association in September.
Russia’s Finance Ministry published a bill at that time proposing regulation for the SWIFT system, as well as for the Bloomberg and Reuters financial market data terminals in the country.
The Society for Worldwide Interbank Financial Telecommunications (SWIFT) transmits 1.8 billion transactions a year, remitting payment orders worth $6 trillion a day. The system comprises over 10,000 financial organizations from 210 countries.
Under the SWIFT charter, groups of members and users are set up in each country covered by the system. In Russia, these groups are united in the RosSWIFT association.