Monday, October 28, 2019

Russian alternative to SWIFT ready to connect over 40 percent of the worlds population to a non-dollar financial system

When President Barack Obama decided to use economic warfare against Russia as cover for their regime change war in Ukraine, the outcome was like a checkers novice playing against a chess grandmaster.  And this is because in the five years since the U.S. began cutting off Russia from the SWIFT system, the Eurasian power has created its own new standard that is now fully online.

And in a report announced on October 28, Russia's SWIFT alternative (SPFS) is ready to connect with both India and China and create a system that will contain over 40% of the world's population in trade that functions outside the dollar.

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. - RT
Welcome to the Brave New non-dollar World.


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