Mon Oct 28, 2019, 07:11 PM

Russia, China & India to set up alternative to SWIFT payment system to connect 3 billion people

28 Oct, 2019 11:48 / Updated 11 hours ago

Members of the BRICS trade bloc Russia, India, and China have decided to connect their financial messaging systems to bypass the SWIFT international money transfer network.

Russia’s financial messaging system SPFS will be linked with the Chinese cross-border interbank payment system CIPS. While India does not have a domestic financial messaging system yet, it plans to combine the Central Bank of Russia’s platform with a domestic service that is in development.

The new system is expected to work as a “gateway” model when messages on payments are transcoded in accordance with a certain financial system.

According to Izvestia, the parties involved will work on a single platform, without experiencing any difficulties with transactions.

Russia began development of SPFS in 2014 amid Washington’s threats to disconnect the country from SWIFT. The first transaction on the SPFS network involving a non-bank enterprise was made in December 2017.

“We have an opportunity to connect both foreign banks and foreign legal entities to the SPFS. Today, about 400 users are participating in the system. Agreements have already been concluded with eight foreign banks and 34 legal entities,” Alla Bakina, the director of the Bank of Russia’s national payment system, was cited as saying by Vesti.

Bakina explained that traffic through the system has been growing and currently accounts for around 15 percent of all internal traffic, up from 10-11 percent last year.


Slowly but surely the world is working at becoming "sanction proof" from the neocon West.

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Reply Russia, China & India to set up alternative to SWIFT payment system to connect 3 billion people (Original post)
RCW2014 Oct 2019 OP
uncledad Oct 2019 #1

Response to RCW2014 (Original post)

Tue Oct 29, 2019, 09:02 AM

1. G-8 and the new world order...

When the group was formed in 1975, it was known as the G6, comprising France, West Germany, Italy, Japan, the United Kingdom, and the United States. The G6 was intended to provide major industrial powers of the noncommunist world a venue in which to address economic concerns, which at the time included inflation and the recession sparked by the oil crisis of the 1970s. Cold War politics invariably entered the group’s agenda.

Currently, the G8 comprises its six charter members, in addition to Canada, which joined in 1976, and Russia, which became a fully participating member by 1998. The EU is a "nonenumerated" ninth member; represented by the presidents of the European Council and European Commission, the EU participates as an equal. The aggregate GDP of G8 states makes up some 50 percent of the global economy.

Some have challenged the entire premise of the G8 on the basis of inefficacy—and irrelevance. "We are now living in a G-Zero world," political risk analyst Ian Bremmer and economist Nouriel Roubini have written.

Rather than a "G-Zero" world, Kahn and Patrick both foresee a "G-x world"—"multi-multilateralism," to borrow Francis Fukuyama’s terminology. States work in smaller or larger groupings, depending on where the will and capacity might be, with various groupings ideally working in parallel and reinforcing one another.

"The G8 no longer accommodates the world’s biggest or most dynamic economies; the G8 no longer accounts for all the world’s nuclear weapons; the G8 doesn’t speak for any particular identity or values—with Russia in the fold, it’s hardly a champion of democracy," Time’s Ishaan Tharoor wrote in 2011. He is among the critics who believe that, like the UN Security Council, the G8 reflects an outdated, Western-centric view of the global distribution of power.


The 1% have been at this for quite some time. Some refuse to see the writing on the wall.

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