The global economic alliance known as BRICS is reportedly considering the launch of a global payments system that could sidestep the banking industry standard SWIFT.
According to a new report from the Russian state-funded news organization TASS, the group’s finance ministers are evaluating the feasibility of a unified payments network, and will formally discuss its potential at the coming BRICS meeting next year.
Russian Finance Minister Anton Siluanov says the network would boost independent efforts to create payment messaging systems.
“We are trying to introduce our financial messaging system, the SPFS, our Chinese colleagues have their own system, other BRICS countries also either have their systems or are creating them.
This is why this issue is to be discussed by money authorities and financial agencies of BRICS member states.”
The news comes after BRICS – which stands for the nations of Brazil, Russia, India, China and South Africa – formally decided to add Saudi Arabia, Iran, Ethiopia, Egypt, Argentina and the UAE to the group.
When asked how Russia views the future potential of BRICS, Siluanov said the bloc is focused on “removing all ties from the West to the Southeast” in a growing trend that will “persist in the future.”
SWIFT is a core component of the global banking system, and is used by banks to securely send and receive money-related messages.
The organization, which is a cooperative that’s primarily owned by banks, banned several Russian banks at the behest of the European Union back in March of 2022.
In August of this year, South Africa’s finance minister Enoch Godongwana said a BRICS-based payments system would aim to strengthen trade in local currencies as opposed to the US dollar.
However, he said implementation would be difficult, and the system would not be designed to directly challenge SWIFT.
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