SPFS
| Company type | Payment system |
|---|---|
| Founded | 2014 |
| Headquarters | Moscow, the Russian Federation |
| Parent | Bank of Russia |
| Website | www |
| Part of a series on financial services |
| Banking |
|---|
 |
SPFS (Russian: Система передачи финансовых сообщений (СПФС), romanized: Sistema peredachi finansovykh soobscheniy, lit. 'System for Transfer of Financial Messages') is a Russian equivalent of the SWIFT financial transfer system, developed by the Central Bank of Russia.[1] The system has been in development since 2014, when the United States government threatened to disconnect Russia from the SWIFT system.[2]
The first transaction on the SPFS network involving a non-bank enterprise was executed in December 2017.[3] In March 2018, over 400 institutions (mostly banks) were part of the network.[1]
Compared to SWIFT, the system faces a number of challenges, especially higher transaction costs[4] though in March 2018 transaction fee was radically reduced to 0,80–1,00 ₽ (0.012–0.015 $) per transaction.[5] The system only works within Russia,[3] though there are plans to integrate the network with the China-based Cross-Border Inter-Bank Payments System.[4]
The Russian Government is also in talks to expand SPFS to developing countries such as Turkey and Iran.[6] Owing to its limitations, the SPFS system is seen as a last resort, rather than as a replacement for the SWIFT network.[1] Since 2019 many agreements have been reached to link SPFS to other countries' payment systems in China, India, Iran, as well as the countries inside the EAEU who are planning to use SPFS directly.[7][8]
At the end of 2020, there were 23 foreign banks connected to the SPFS from Armenia, Belarus, Germany, Kazakhstan, Kyrgyzstan and Switzerland.[9]
See also
- Cross-Border Inter-Bank Payments System (CIPS)
- Indian Financial System Code (IFSC)
- Fedwire
- Mir (payment system)
- Society for Worldwide Interbank Financial Telecommunication (SWIFT)*
- Structured Financial Messaging System (SFMS)*
- List of financial regulatory authorities by country
References
- ^ a b c Aitov, Timur (15 March 2018). "Натянутая струна. Возможно ли отключение России от SWIFT". Forbes.ru. Retrieved 4 October 2018.
- ^ Turak, Natasha (23 May 2018). "Russia's central bank governor touts Moscow alternative to SWIFT transfer system as protection from US sanctions". CNBC. Retrieved 4 October 2018.
- ^ a b ""Роснефть" провела первую операцию в "русской SWIFT"". 22 March 2018. Retrieved 4 October 2018.
- ^ a b Aggarwal, Parv. "How U.S. Sanctions are Fostering Innovative Strategies for Resiliency in Russia". The Fletcher School, Tufts University. Retrieved 4 October 2018.
- ^ "Система передачи финансовых сообщений | Банк России". www.cbr.ru. Retrieved 2019-04-23.
- ^ "Press review: Russia eyes dumping US dollar and NATO backs Washington's INF accusation". TASS (in Russian). 4 October 2018. Retrieved 4 October 2018.
- ^ "Banks in Iran, Russia Connected via Non-SWIFT Financial Messaging Service". Financial Tribune. 17 September 2019. Retrieved 25 February 2022.
- ^ Chaudhury, Dipanjan Roy (14 November 2019). "India-Russia-China explore alternative to SWIFT payment mechanism". The Economic Times. Retrieved 25 February 2022.
- ^ Доля сообщений через российский аналог SWIFT выросла в 1,8 раза — Экономика и бизнес — ТАСС
External links
- Official website (in English)
- Official website (in Russian)
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