The Russian MP also confirmed that while the Russian financial messaging system still needs to be technologically integrated with its foreign counterparts, Moscow and Tehran have already worked out the necessary cooperation mechanism.

Anatoly Aksakov, head of the Russian parliamentary committee on financial markets, has revealed that the System for Transfer of Financial Messages (SPFS), a Russian equivalent of SWIFT developed by the Central Bank of Russia, is now more popular than the global network, and that Russia is already engaged in talks with Chinese, Turkish and Iranian financial regulators on integrating SPFS with financial messaging systems of these countries. “The […]

Russian SWIFT to Transfer to Blockchain Technology by 2019

SPFS was designed by the Russian central bank in response to SWIFT’s threats withdraw from Russia. Russian authorities are planning to transfer the country’s money transfer system to blockchain technology in 2019 according to a report in Izvestiya. Sources close to the Russian central bank told the media outlet that the Financial Communications Transfer System (SPFS) […]

Russia’s central bank governor touts Moscow alternative to SWIFT transfer system as protection from US sanctions

Russia has developed its own system for financial transfers that would protect it from a potential shutout of the SWIFT global transfer system in the event of harsher U.S. sanctions, its central bank governor said Wednesday at the St. Petersburg International Economic Forum. But analysts have questioned the viability of Moscow’s transfer system. “There are […]