An alternative to SWIFT payment system

Sberbank, one of the largest Russian banks, announced that it is developing an alternative financial payment system to SWIFT.

In a press interview with him during the Petersburg Economic Forum, the head of the bank, German Gref, said: "Sberbank has begun creating an international payment system alternative to SWIFT, and we plan to complete the formation of this system within a year."

"For international payments, we are now in the process of building a new payment infrastructure as an alternative to SWIFT. I believe that within a year we will develop a fairly efficient system that will completely replace the SWIFT payment system," he added.

German pointed out, "The blocking of the SWIFT system from Sberbank did not affect the bank's work, because at the time of the blocking, the percentage of the bank's transactions through that system did not exceed 5%."

German noted that "to work inside Russia, there is a financial message transfer system or what is known as (SPFS) and an internal Sberbank FinLine system that is connected to almost all institutions and major customers." "Interfax"