A real competitor for Swift? The BRICS payment project reviews its ambitions upwards: it will be extended to the whole world, including for countries that are not part of the group.
The Brics Pay system dreams of being a competitor of Swift
If Russia has been excluded from Swift since the start of the war in Ukraine, the country has set up alternative protocols to transfer funds. One of them, carried by the Brics group, is a new banking transfer system.
We learned this weekend that this system will be used more broadly than as an initially visible. If “BRICS PAY” was previously presented as an internal payment system to the Member Statesit is no longer its ambition.
Instead, It is a real equivalent of Swift which intends to be proposedaccording to the Minister of Foreign Affairs Sergey Lavrov:
There are several initiatives that are envisaged within the BRICS, one of them being […] An alternative payment platform, which is currently under construction.
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According to the Russian representative, “”All countries, even outside the BRICS“, Will have access to this payment mechanism.
This advance would constitute a revolution, global finance, which has so far based very largely on the Swift banking system. An alternative would therefore mark even more the split between the countries of the BRICS and the Western countries. A point that Sergey Lavrov underlined in his press release:
There is an opportunity to create payment platforms that are independent of external influences
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Source: Bitcoin.com
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Journalist at Cryptoast since 2017, I have been passionate about the challenges of decentralization, privacy and regulation. I specialized in the economy and traditional finance by analyzing how the news in this sector influence that of cryptocurrencies, thus offering a unique and enlightened perspective to cryptoast readers.
Marine Debellor
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