Now that they know they don’t need it, there is no reason for Russia to continue to utilize the erstwhile global payment system:
The SWIFT system should be abandoned to avoid information leaks, VTB CEO Andrey Kostin said in an interview that journalist Pavel Zarubin published on his Telegram channel. “SWIFT should be simply killed, in a good sense of the word, abandoned and no longer used. This is a direct leak of information to our enemies and the main thing is that it is so easy to solve — it is a purely administrative decision, an agreement between the two parties and a few technological solutions, that’s all,” Kostin said.
Several years ago, SWIFT was the main system for processing payments — almost all banking transactions in the world went through it. But in 2014, when Western countries first threatened to disconnect Russia from the system, large countries began to create alternatives. The Financial Message Transfer System (SPFS) appeared in Russia.
It’s now only a matter of time before BRICSIA+ announces its own payment processing system, and eventually, currency. This will be a very positive thing for most people, given the way that the current payment processors play thought police and abuse their privileged positions. But it’s going to have a very negative effect on a lot of Western financial institutions.