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Russia moves from SWIFT to more secure mechanisms – Foreign Ministry

According to the Deputy Minister of Foreign Affairs of Russia Alexander Pankin, the Bank of Russia is actively developing the Financial Message Transmission System

MOSCOW, August 20. /TASS/. Russia sees the need gradually transition from the system of interbank payments SWIFT to more secure mechanisms for transferring financial information protected from external pressure, Russia’s Deputy Foreign Minister Alexander Pankin said in an interview with TASS.

"We proceed from the need for a gradual transition from SWIFT to financial information transfer mechanisms protected from external pressure, for which we are actively developing the System for Transfer of Financial Messages (SPFS) of the Bank of Russia. This is a forced, but completely natural decision in an environment where Russian banks and their clients regularly encounter problems with routine international payments," he said.

"At the same time, we are certain that not only Russia, but also other pragmatic states, of which there are many, are interested in the emergence of a truly unbiased and independent of Western countries' changing moods international payment infrastructure," the diplomat added.