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As of 2018, owing to its limitations, the SPFS system was seen as a last resort, rather than as a full 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. [9] [10]
BRICS PAY will feature a decentralized Cross-border messaging system (DCMS), developed by scientists of the Center of Saint-Petersburg State University of Russia. DCMS operates, transparently, without any central owner or hub. Participants manage their own nodes, allegedly making the system resistant to external abuse, control or interference.
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The Cross-border Interbank Payment System (CIPS) is a Chinese payment system that offers clearing and settlement services for its participants in cross-border renminbi (RMB) payments and trade. CIPS is backed by the People's Bank of China and was launched in 2015 as part of a policy effort to internationalize the use of China’s currency.
"It's not an alternative to SWIFT," Enoch Godongwana, who hosted his fellow BRICS finance ministers at the summit, told Reuters. "It is a payment system which facilitates a deepening of the use of ...
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