159 Countries Set to Adopt BRICS New Payment System

As the BRICS alliance pushes forward with its plan to create a new payment system, the move is generating significant interest among global nations. This new system is designed to serve as an alternative to the SWIFT network, enabling trade and financial transactions without reliance on the US dollar.
The BRICS payment system, which aims to support the bloc’s de-dollarization efforts, is set to play a crucial role in the alliance’s economic dealings. It is expected to facilitate unilateral settlement of transactions, which could substantially shift global trade dynamics. The initiative is seen as a direct response to Western sanctions and a way to promote the use of local currencies in international trade.
According to Russian Central Bank Governor Elvira Nabiullina, 159 countries are already interested in adopting the BRICS payment system. This level of interest underscores the system’s potential to reshape financial interactions on a global scale. The system is anticipated to integrate with Russia’s existing System for Transmitting Financial Messages (SPFS), providing a comprehensive alternative to traditional financial networks.
Nabiullina described the BRICS payment system as a “strong alternative to SWIFT,” and emphasized ongoing discussions about how to align this new infrastructure with similar systems in other countries. The system’s development is a key agenda item for the upcoming BRICS 2024 Summit, highlighting its importance to the alliance’s future economic strategy.
The imminent launch of the BRICS payment system, potentially scheduled for October, could lead to increased trade opportunities and financial interactions among member countries and beyond. The high level of interest from a broad array of nations suggests that the system could significantly impact global financial markets and trade practices.