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Russian payment system alternative to SWIFT to be finalized in six months

September 03, 2015, 8:53 UTC+3 VLADIVOSTOK
It was reported earlier that the Russian Central Bank was going to launch the system in autumn of 2015
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VLADIVOSTOK, September 3. /TASS/. Russian payment system - alternative to SWIFT - will be finalized within six months, Deputy Finance Minister Alexei Moiseev told TASS Thursday.

"In general the work [on creating SWIFT analogue for BRICS - TASS] is in progress. First we need to finish developing a separate system. Once it is finally completed - and I think it will happen in six months - then we will continue moving forward," he said.

It was reported earlier that the Russian Central Bank was going to launch the system in autumn of 2015.

Talking about the compatibility of the BRICS countries’ payments systems, Moiseev said that "all messaging standards must comply with the international standard ISO222, everything should be based on it.".

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