Establishing Alternative to SWIFT

SWIFT is the backbone for establishing secure financial transactions between financial institutions globally. Ideally, the system must be neutral and transparent.

Recently, the Cabalists have raised their anti-Russian rhetoric by kicking out the Reformists out of the system to maintain their grip on the system.

BRICS has no other alternative but to establish their own version of the SWIFT system. With 180+ countries backing them up, this should be just another walk in the park.

Russia, China in talks to make alternative to SWIFT — deputy PM

September 10, 18:14 UTC+4
Russian authorities wanted to decrease the financial market’s dependence on SWIFT since the introduction of the first U.S. sanctions

First Deputy Prime Minister Igor Shuvalov

First Deputy Prime Minister Igor Shuvalov

© ITAR-TASS/Alexei Nikolsky

BEIJING, September 10. /ITAR-TASS/. Russia and China are discussing setting up a system of interbank transactions which will become an analogue to International banking transaction system SWIFT, First Deputy Prime Minister Igor Shuvalov told PRIME on Wednesday after negotiations in Beijing.“Yes, we have discussed and we have approved this idea,” he said.

Russian authorities wanted to decrease the financial market’s dependence on SWIFT since the introduction of the first U.S. sanctions, when international payment systems Visa and MasterCard denied services to some Russian banks owned by blacklisted individuals.

According to Shuvalov, Russia has been also discussing establishment of an independent ratings agency with China. Concrete proposals will be made by the end of 2014, he said.

As regards China’s payment system UnionPay cooperation with the yet-to-be-established Russian national payment system, Shuvalov said that UnionPay is ready for a full-scale collaboration and will provide all infrastructural capacities for that.

source »

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