Russian analogue of SWIFT will receive 30% of traffic by 2024

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The Central Bank plans to increase the share of domestic Russian traffic sent through the national financial messaging system (SPFS – an analogue of international SWIFT) by a third and bring it to 30% by 2024. This is stated in the strategy of the regulator for the development of the national payment system (Izvestia has it).

Among the priority tasks of the Central Bank is joining the SPFS of non-resident participants. For this, in the Russian analogue of SWIFT, it is planned to optimize the procedure by introducing a “box” solution, the document says. At the same time, the Central Bank emphasizes that it will be necessary to implement additional information security protocols in the SPFS services.

For the entire 2020, SPFS traffic has doubled, follows from the data of the Central Bank. The monthly volume of domestic Russian financial messages exceeds 2 million rubles. According to the regulator, contracts for the provision of SPFS services have been concluded with 21 foreign organizations, 12 of which are already connected to the system. In total, more than 400 credit structures have joined the SPFS of the Bank of Russia.

The Russian financial messaging system began to develop in December 2014. Its launch was associated with an appeal by the European Parliament to exclude the Russian Federation from international payments via SWIFT against the backdrop of events in Crimea and eastern Ukraine.

Read more in the exclusive material from Izvestia:

Bridging window: Russian analogue of SWIFT will receive 30% of traffic by 2024