Monday, December 09, 2019 4:25:17 PM
Russia's alternative to SWIFT payment system poised to eclipse the original – MP
2 Nov, 2018
"Russia’s money transfer system, developed as an alternative to SWIFT is now more popular than the global network, said Anatoly Aksakov, head of the Russian parliamentary committee on financial markets.
He explained that Moscow is already engaged in talks with Chinese, Turkish and Iranian financial regulators on integrating its System for Transfer of Financial Messages (SPFS) with financial messaging systems of those countries.
“The number of users of our internal financial messages’ transfer system is now greater than that of those using SWIFT. We’re already holding talks with China, Iran and Turkey, along with several other countries, on linking our system with their systems,” Aksakov said.
“They need to be properly integrated with each other in order to avoid any problems with using the countries’ internal financial messaging systems.”
Russia has already worked out a cooperation mechanism with Tehran and mentioned the possibility of direct transactions with Iranian companies, according to the MP.
The Central Bank of Russia, which has developed the SPFS, said earlier that 416 Russian companies and government organizations had joined the system as of September. They include the Russian Federal Treasury and large state corporations, including Gazprom Neft, Rosneft, and others.
The development of SPFS began in 2014 in response to Washington’s threats of disconnecting Russia from SWIFT. The first transaction on the SPFS network involving a non-bank enterprise was held in December 2017.
SWIFT is a financial network that provides high-value cross-border transfers for members across the world. It is based in Belgium, but its board includes executives from US banks with US federal law allowing the administration to act against banks and regulators across the globe. It supports most interbank messages, connecting over 11,000 financial institutions in more than 200 countries and territories.
The European Union also considered creating an alternative to SWIFT to help European companies bypass US sanctions against Iran. That proposal stalled in Brussels and major European firms left Iran."
https://www.rt.com/business/442946-russias-analogue-of-swift/
Recent XRPUSD News
- $5 XRP Price Moonshot Looms As Ripple CEO Casts Bold Vision for XRP’s Global Dominance • ZyCrypto • 05/27/2024 05:06:21 PM
- DeFiance Capital Foresees ETH Soaring To $4,500 Pre-Ethereum ETF Trading • NEWSBTC • 05/27/2024 05:00:11 PM
- XRP Bullish Outlook: Analyst Predicts Mega Run On The Horizon • NEWSBTC • 05/27/2024 01:30:12 PM
- Ripple CTO Addresses Curious Price Link Between XRP And XLM • NEWSBTC • 05/27/2024 12:00:17 PM
- XRP Price Dips: Another Setback or a Buying Opportunity? • NEWSBTC • 05/27/2024 02:28:06 AM
- Why Did CORE Price Surge 20% While The Crypto Market Dumped? • NEWSBTC • 05/25/2024 11:00:02 PM
- Solana to Hit $1,000? Analyst Makes Bullish Call Despite Recent Downturn • NEWSBTC • 05/25/2024 05:50:10 PM
- Uniswap Shoots Past $10 On 15% Price Explosion – Here’s The Trigger • NEWSBTC • 05/25/2024 09:47:52 AM
- Solana, XRP ETFs Next? Standard Chartered Sees Possibility After Ethereum Approval • ZyCrypto • 05/24/2024 06:59:27 PM
- Price analysis 5/24: BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA, AVAX, SHIB • Cointelegraph • 05/24/2024 06:30:00 PM
- Coinbase, SEC spar over investment definition in appeal attempt • Cointelegraph • 05/24/2024 05:44:57 PM
- Top US Crypto Exchange Coinbase Reestablishes Support for XRP Trading in New York • The Daily Hodl • 05/24/2024 04:55:04 PM
- $3 XRP Price Closer Than Ever As Coinbase Resumes Trading In New York • ZyCrypto • 05/24/2024 02:37:39 PM
- Ripple taking ‘cheap shots’ at Tether, says Samson Mow • Cointelegraph • 05/24/2024 02:11:00 PM
- Ready For Liftoff: XRP Price Primed To Skyrocket Before November • NEWSBTC • 05/24/2024 11:30:03 AM
- XRP Declares War On Uncertainty: Analyst Predicts Breakout Fueled By Regulation • NEWSBTC • 05/24/2024 09:30:31 AM
- XRP Price Consolidates, Gearing Up for Its Next Major Breakout • NEWSBTC • 05/24/2024 02:38:15 AM
- Institutions Ready to Allocate Billions to Ripple’s XRP as Ether ETF Could be Game-Changer For Altcoins • ZyCrypto • 05/23/2024 07:14:39 PM
- XRP Price Turns Red Again: What’s Next for the Crypto? • NEWSBTC • 05/23/2024 02:28:35 AM
- Ethereum Whales Come Alive: Are They Buying Or Selling? • NEWSBTC • 05/23/2024 01:00:37 AM
- XRP Price Nears Major Converging Point: Analyst Predicts 3,600% Jump To $20 • NEWSBTC • 05/22/2024 11:00:43 PM
- Crypto exchanges form ‘Tech Against Scams’ partnership to combat fraud • Cointelegraph • 05/22/2024 06:40:00 PM
- Price analysis 5/22: BTC, ETH, BNB, SOL, XRP, TON, DOGE, ADA, AVAX, SHIB • Cointelegraph • 05/22/2024 05:27:33 PM
- UNI Price Soars 20% As Uniswap Labs Pushes Back Against SEC’s Wells Notice • NEWSBTC • 05/22/2024 02:30:13 AM
- Will XRP Price Hold 100 SMA and Trigger a Fresh Increase? • NEWSBTC • 05/22/2024 02:28:40 AM
Avant Technologies Engages Wired4Tech to Evaluate the Performance of Next Generation AI Server Technology • AVAI • May 23, 2024 8:00 AM
Branded Legacy, Inc. Unveils Collaboration with Celebrity Tattoo Artist Kat Tat for New Tattoo Aftercare Product • BLEG • May 22, 2024 8:30 AM
"Defo's Morning Briefing" Set to Debut for "GreenliteTV" • GRNL • May 21, 2024 2:28 PM
North Bay Resources Announces 50/50 JV at Fran Gold Project, British Columbia; Initiates NI 43-101 Resources Estimate and Bulk Sample • NBRI • May 21, 2024 9:07 AM
Greenlite Ventures Inks Deal to Acquire No Limit Technology • GRNL • May 17, 2024 3:00 PM
Music Licensing, Inc. (OTC: SONG) Subsidiary Pro Music Rights Secures Final Judgment of $114,081.30 USD, Demonstrating Strength of Licensing Agreements • SONGD • May 17, 2024 11:00 AM