"Russia has a Financial Messaging System that is an alternative to SWIFT. Some other countries have similar infrastructure. We are discussing the interaction of such platforms, but the interest and technical readiness of our partners are important here," Elvira Nabiullina told Sputnik, commenting on whether the BRICS countries are ready to integrate national financial communication systems.
A total of 159 foreign participants from 20 countries have already joined the Russian system, the official added.
The Bank of Russia's Financial Transmission Messaging System (FTMS) was created in response to the risks of possible disconnection of Russian banks from SWIFT. This is an international interbank system through which information and payments can be transferred. It involves more than 11,000 major organisations from almost all countries of the world.