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The plan for BRICS Pay is that it would use the technology of UPI and WePay, including digital wallets, QR code payments, and a framework that would directly link BRICS members Russia and Iran have announced their departure from the SWIFT payment system, opting for direct bank transfers to settle cross-border transactions. BRICS members, Russia and Iran, have made the official decision to discontinue the use of the SWIFT system for their cross-border transactions. They will employ BRICS members Russia and Iran have officially abandoned the SWIFT payment system for cross-border transactions. The two countries will initiate payments to In a significant move to counteract international sanctions and reduce dependency on the global financial system Swift, Russia has called on BRICS nations to

BRICS, Russia, Iran: Ending SWIFT, Starting Bank Transfers & Local Currency Trade

Is the global financial landscape shifting? A move away from the traditional SWIFT system is gaining momentum. BRICS members Russia and Iran have officially abandoned the SWIFT payment system for cross-border transactions. This signifies a growing trend towards alternative financial infrastructure, driven by a desire for increased financial sovereignty and reduced reliance on Western-dominated systems.

Russia and Iran Bypassing SWIFT: A Closer Look

BRICS members, Russia and Iran, have made the official decision to discontinue the use of the SWIFT system for their cross-border transactions. They will employ direct bank transfers to settle transactions, bypassing the SWIFT network altogether. This direct approach aims to insulate their economies from the influence of sanctions and potential disruptions to international payments. BRICS members Russia and Iran have announced their departure from the SWIFT payment system, opting for direct bank transfers to settle cross-border transactions. The two countries will initiate payments to each other directly, streamlining the process and potentially reducing transaction costs.

BRICS Pay: A Potential Alternative to SWIFT?

In a significant move to counteract international sanctions and reduce dependency on the global financial system Swift, Russia has called on BRICS nations to develop alternative payment mechanisms. The proposed BRICS Pay system is gaining traction as a potential solution. The plan for BRICS Pay is that it would use the technology of UPI and WePay, including digital wallets, QR code payments, and a framework that would directly link BRICS members, creating a unified payment network for the bloc.

The Rise of Local Currency Transactions within BRICS

Beyond direct bank transfers and BRICS Pay, the increasing use of local currencies in trade between BRICS nations is another key development. This move reduces reliance on the US dollar and euro, further enhancing financial independence. The long-term implications of these shifts could reshape global trade and financial power dynamics. Will this lead to a truly multipolar financial world?

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