MOSCOW, An equivalent of
Belgian SWIFT has practically been created in Russia, Central Bank Chief Elvira
Nabiullina said on Thursday.
"Work is
on track," the Central Bank Chief said. "As far as financial messages
transmission is concerned, we have practically set up a SWIFT counterpart
in Russia," Nabiullina said. The system contemplates competitive tariffs
and the regulator is ready to develop and improve this service, she added.
Several
dozen banks are ready to use it, Nabiullina said. The head of the Central
Bank said that the SWIFT equivalent is being developed with maximum use of
Russian IT technologies. "Many complained our microelectronics is poorly
developing and so on, but demand is needed to develop domestic production. We
are generating such demand," Nabiullina said.
It was
reported earlier that Russia’s SWIFT counterpart would be launched in fall
2015. The need for having a domestic SWIFT and a national payment system became
more acute after sector sanctions were imposed against Russia last year.
The Society
for Worldwide Interbank Financial Telecommunications (SWIFT) transmits 1.8
billion communications a year, remitting payment orders worth $6 trillion a
day. The system comprises over 9,000 banks from 209 countries.
Under the
SWIFT charter, groups of members and users are set up in each country covered
by the system. In Russia, these groups are united in the RosSWIFT association.
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