Official reports from BRICS alliance and financial institutions

BRICS Launches Financial Messaging System to Create New Economic Reality

Jul 26, 2024, 05:13 PM

Russia has announced the creation of a financial messaging system similar to SWIFT, aimed at fostering a new economic reality for BRICS countries. The BRICS alliance, which includes Brazil, Russia, India, China, and South Africa, has officially launched this system to replace the Western SWIFT network. This new financial messaging system is expected to enable BRICS countries to settle cross-border transactions more efficiently and reshape global trade dynamics. The system is already in motion now.