Russian banks began to connect to the Chinese equivalent of SWIFT

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Банки РФ начали подключаться к китайскому аналогу SWIFT

Some Russian banks have already joined the Chinese analogue of SWIFT to facilitate settlements between Russia and China, said the head of Department of relations with foreign regulators, international cooperation Department, Central Bank of the Russian Federation Vladimir Shapovalov.

“As for cooperation in the field of payment systems, a number of banks joined the Chinese system CIPS (China International Payments System), which allowed to simplify the routing of payments. You know, the Bank of Russia has established a system SPPS – system of transmission of financial messages, its export version was presented at the end of last year, and now we actively show all over the world, including in China. I hope that Chinese banks will more actively consider and to consider connections”, – said the official during the VIII international forum Russia – China.

Shapovalov also noted that this fact will facilitate service trade between Russia and China.

System of transmission of financial messages (SPFS) was established by the Bank of Russia in response to the risks of a possible shutdown of Russian banks from the international SWIFT system sanctions (which already happened to Iran).

System representatives in October 2014, said that the SWIFT feels the pressure from the several States, insisting on its accession to the sanctions against Russia, however, does not intend to give.

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