MOSCOW, June 5. /TASS/. The Bank of Russia considers expanding the possibilities of cross-border payments and transfers a priority task. However, solving it depends on the willingness of foreign partners to cooperate, the regulator said in its report.

"The Bank of Russia considers the task of expanding the possibilities of cross-border payments and transfers its priority, including within the framework of the development of the national payment infrastructure. It should be noted that an effective solution of this problem is possible only if foreign partners are ready to cooperate," the statement said.

The regulator also noted that the dialogue with partners on maintaining and expanding the infrastructure for accepting Russia’s Mir payment cards abroad and searching for alternative solutions continues.

According to the report, the Bank of Russia and payment market participants continue to work on expanding opportunities for cross-border payments and exchange of financial information through infrastructures and solutions independent of global tools. Following the withdrawal of leading Russian banks from the SWIFT system, a number of Russian financial market participants started using alternative services more frequently for exchanging financial information and promoting the expansion of foreign companies' participation in them. The Bank of Russia is also developing its Financial Messaging System (SPFS) for banks and companies. By the end of the Q1 of 2024, around 550 clients were connected to it, including more than 150 non-residents from 20 countries.