“The Central Bank of Russia has admitted domestic banks to its alternative to the SWIFT international bank transaction system for internal operations, the regulator said in a statement on Friday.
Russian banks are connected to the system after signing corresponding agreements with the Central Bank of Russia.
“The new service will allow credit institutions to transmit SWIFT-format messages through the Bank of Russia in all the [Russian] regions without restrictions,” the regulator said in a statement.
The regulator’s new service has been established to ensure the continuous and secure transmission of financial messages inside the country, the statement said.
The Central Bank of Russia earlier reported it planned to complete creating a SWIFT alternative by May 2015.”
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