The Central Bank of Russia is planning to create its own version of the SWIFT bank transaction system by May next year.

This concept was proposed by Russia’s Union of Industrialists and Entrepreneurs and the Rossiya banking association in September.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

The regulator wants the national payment card system to operate with the financial message system.

Ramilya Kanafina, deputy director of the Central Bank’s National Payment System Department, said that the system will comply by all market specifications owing to its security.

She further said that a SWIFT message processing centre is currently in the process of development, and all messaging options are expected to begin operation by December this year.

SWIFT transmits orders for transactions amounting to over $6tn globally, and comprises over 10,000 financial institutions in 210 countries.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.