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Russia's Alternative to SWIFT Already Has Market Majority in Russia

• https://russia-insider.com, by Tom Luongo

That system, System for Transfer of Financial Messages (SPFS), is not only now functioning in Russia, according to a report from RT it now handles the financial transfer data for more than half of Russia's institutions.

According to Anatoly Aksakov, head of the Russian parliamentary committee on financial markets:

The number of users of our internal financial messages' transfer system is now greater than that of those using SWIFT. We're already holding talks with China, Iran and Turkey, along with several other countries, on linking our system with their systems," Aksakov said.

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