October 20, 2018

Russia welcomes foreign banks to join its money transfer alternative to SWIFT

Foreign banks will soon be able to become part of Russia's money transfer network which serves as an alternative to the traditional SWIFT (Society for Worldwide Interbank Financial Telecommunication) system.

“Non-residents will start connecting to us this year. People are already turning to us,” said First Deputy Governor of the Central Bank of Russia Olga Skorobogatova. Earlier, the official said that by using the alternative payment system foreign firms would be able to do business with sanctioned Russian companies. Read more.

RT

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