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Russian SWIFT counterpart already has 150 non-residents from 16 countries — regulator

In 2014, the Bank of Russia launched the Financial Messaging System in test mode

MOSCOW, December 4. /TASS/. The Financial Messaging System of the Bank of Russia (SPFS) already has 150 non-residents from 16 countries, according to the presentation of the regulator’s First Deputy Chairperson Olga Skorobogatova.

Meanwhile, the number of the system’s users has reached 550 participants.

In 2014, the Bank of Russia launched the Financial Messaging System (SPFS) in test mode. The system can transmit data in the SWIFT format, but it does not depend on its channels. In 2017, the system started working in full, transmitting messages about transactions in any currency. Initially it was meant only for users inside Russia, though by February 2022 more than 20 Belarusian banks, credit organizations from Armenia, Kazakhstan, Tajikistan, Kyrgyzstan, Cuba and other countries had joined it. The Bank of Russia projected at the end of 2022 that the number of countries with the possibility of transmitting information via SPFS would reach 18 in 2023.

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Central Bank of Russia SWIFT

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