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RUSSIAN SWIFT: WITHOUT GULLIVER AT THE MOMENT

The Ministry of Finance and Central Bank of Russia have prepared a law draft – creating of Russian interbank network for safe data transfer and payments.

 

According to the new law, all transactions will be processed inside the country same as SWIFT (Society for worldwide interbank financial telecommunication).

 

This information was revealed by Deputy Minister of Finance Alexey Moiseev during the meeting with the press.

 

Alexey is sure that the transition on interbank communication of credit organizations in Russia will provide smooth banking work.

 

Over 10 thousand banking and financial organizations in 210 countries including 600 of Russian banks are connected to the SWIFT. Russia has 2nd place after USA by number of system’s users: 85 cities in 9 temporary zones in RF.

 

SWIFT is processing daily payment instructions for over 6 trln.USD. Around 1,8 bln. messages are coming through SWIFT yearly. The bank pay 17,66 euro cents per each message to the SWIFT. Inside Russia, it costs 5,27 euro cents.