- The Russian parallel of SWIFT will be the Financial Message Transfer System of the Bank of Russia (SPFS).
- This network will be open to mostly Belarusian banks.
- The SPFS network already has over 399 users, and Russia is in negotiations with China to join the SPFS.
Russia decided to counter SWIFT with its SPFS following its SWIFT ban due to its invasion of Ukraine.
The Financial Message Transfer System of the Bank of Russia (SPFS), which already has over 399 users, will now become the international payment settlement network.
The full article is available at https://www.fxempire.com/news/article/central-bank-of-russia-launches-swift-replacement-with-399-users-918266