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.
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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.
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By GlobalData
