Belarus suggests SWIFT alternative based on CIS Interstate Bank

MOSCOW, 17 March (BelTA) – It is necessary to set up a multifunctional payment hub on the basis of the CIS Interstate Bank and develop an alternative solution to the SWIFT (Society for Worldwide Interbank Financial Telecommunication) system. Deputy Prime Minister of Belarus Igor Petrishenko made the statement at a session of the CIS Economic Council in Moscow on 17 March, BelTA has learned.

Igor Petrishenko said: “We celebrated the 30th anniversary of the CIS Interstate Bank not so long ago. It is a key structure in today's mutual transactions. The volume of transactions going via payment systems of central (national) banks and using the CIS Interstate Bank infrastructure has doubled recently while the number of corresponding banks has increased by more than 50%.”

The official noted it is necessary to expedite the creation of a multifunctional payment hub based on the CIS Interstate Bank. Such a hub would be able to substantially increase the number and expand the choice of operations with financial and corporate structures not only of member states but other friendly countries. Igor Petrishenko said it is necessary to pay close attention to developing a system for transmitting financial data to replace the SWIFT system. It is also necessary to pay close attention to creating a center of competences concerning payment relations on the basis of the CIS Interstate Bank, which will work out proposals on improving the effectiveness of operation of the payment space of the Commonwealth of Independent States and the Eurasian Economic Union, proposals on amending the legal base, proposals on creating platform design solutions for the interaction of payment systems of different countries and integration associations, including BRICS and the Shanghai Cooperation Organization, the deputy prime minister of Belarus said.