Russia and China establishing interaction of financial messaging systems outside SWIFT

The Bank of Russia and the People’s Bank of China are working to integrate the Russian and Chinese financial messaging systems, bypassing the global interbank payment system SWIFT, Chairman of the State Duma’s (lower house) Financial Markets Committee Anatoly Aksakov announced.

Anatoly Aksakov informed attendees at the latest press conference that the Russian central financial institution is operating on interactive options that could let Russia’s SPFS payment program connect to the Chinese CIPS.