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Financial messaging system to ensure transfer of financial messages in Russia

The financial messaging system of the Bank of Russia, an analogue of the system of interbank payment SWIFT, is an alternative channel of transfer of electronic messages on financial transactions, guaranteeing uninterrupted transfer of financial messages both inside and outside the country

MOSCOW, February 27. /TASS/. The financial messaging system ensures the transfer of financial messages inside Russia, the Central Bank said in a statement on Sunday.

"The financial messaging system of the Bank of Russia ensures the transfer of financial messages inside the country in any scenario," the statement on measures to support financial stability said.

The financial messaging system of the Bank of Russia, an analogue of the system of interbank payment SWIFT, is an alternative channel of transfer of electronic messages on financial transactions, guaranteeing uninterrupted transfer of financial messages both inside and outside the country.

The Bank of Russia launched the financial messaging system in the test mode in 2014. The system can transfer data in SWIFT format, though it does not depend on its channels. In 2017, the financial messaging system started full operation, transferring messages on transactions in any currencies. Initially it was meant only for users inside Russia, though by April 2021 over 20 Belarusian lenders joined it, as well as the Armenian Ardshinbank and the Kyrgyz Bank of Asia. Moreover, the subsidiaries of large Russian banks in Germany and Switzerland have access to it. The talks are underway on payments using the financial messaging system with China.

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