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Russian SWIFT counterpart already has over 160 non-residents from 20 countries — regulator

According to Head of the department of the national payment system at the Bank of Russia Alla Bakina, two Cuban banks are connected to this system

MOSCOW, March 15. /TASS/ The Financial Messaging System of the Bank of Russia (SPFS) already has more than 160 non-residents from 20 countries, Alla Bakina, head of the department of the national payment system at the Bank of Russia, announced during the 21st meeting of the intergovernmental Russian-Cuban commission on trade, economic, scientific and technical cooperation.

"Today, more than 160 foreign participants from 20 countries are connected to this system (SPFS - TASS), including two Cuban banks, which are almost direct participants," Bakina said.

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.

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