According to the Central Bank (CB), about 70% of domestic traffic goes through SPFS (Financial Message Transmission System). In the first quarter of this year, 47 million messages passed through the system, and over five months of this year – already more than 82 million, Alla Bakina, director of the department of the national payment system of the Central Bank, told Izvestia in an interview.
“The potential of the system is great. It has been operating since 2014 and was originally planned as a backup. Over the years, banks have had time to try it out. In general, we believe that banks should use Russian systems to transmit financial information on domestic transactions. Moreover, these can be their own systems of banks, not necessarily SPFS, ”said the director of the Central Bank department.
Until October 1, banks must abandon SWIFT and switch to Russian counterparts when exchanging financial messages in internal settlements, she recalled.
“Today, there are more than 490 participants in the SPFS, including over 120 from 14 states. Two thirds of foreign partners joined after March 2022. There are also new requests to connect to the system,” Bakina added.
Read more in the exclusive Izvestia article:
“Already five Russian banks offer a cross-border transfer service through the SBP”
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