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BRICS’ analogue of SWIFT should be capable of integrating - Russian Chamber of Commerce

June 18, 2015, 3:01 UTC+3 ST. PETERSBURG
"I think it is a realistic project, which may be seen as a rival to SWIFT. But this system should be capable of integrating and working along with SWIFT," Sergei Katyrin said
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ST. PETERSBURG, June 18. /TASS/. An analogue of the SWIFT payment system for the countries of the BRICS, a loose association of Brazil, Russia, India, China and South Africa, may be an alternative to the international system but it may well cooperate with it, Sergei Katyrin, the President of the Russian Chamber of Commerce and Industry, told TASS.

"I think it is a realistic project, which may be seen as a rival to SWIFT. But this system should be capable of integrating and working along with SWIFT," he said. "I think this project should be tackled not only from the point of view of operating within the BRICS but also with the rest of the world."

He said that at the initial stage, this project would not override SWIFT but in a span of ten to fifteen years when the BRICS countries were among the leading ones this project would be capable of being a certain alternative to SWIFT.

"But I think it will take years. It takes rather serious economies. Besides, banks are to recognize this system, to work with it. We do not want to isolate ourselves, the five or six of us, to work in this system, while all others work in another one. It should be system capable of being integrated," Katyrin said.

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