Russia and China will jointly develop an analogue of the system of international payments SWIFT. The idea is related to threats from Russia to turn off the system under sanctions because of the events in Ukraine. Replacement is easy to implement technically, say market participants. The problem is to convince bankers to use it.
Russia together with China could begin to develop their own analog system SWIFT, which is used for inter-bank transfers. This was announced on Wednesday, the first Deputy Prime Minister Igor Shuvalov.
According to Shuvalov, has supported the idea, but the way to implement it is not yet developed. “If, in respect of the payment system (interaction China UnionPay and Russian NBTS) understand what to do and how to move, the settlement system by analogy with SWIFT – an idea that today we all like, we will put forward, all ready to take it positively . Now it will start to work out, “- said the first deputy prime minister.
The idea of creating own analogue SWIFT appeared after the EU threatened to disable Russia on the capabilities of the system. SWIFT exists as a non-profit organization, cooperative, registered in the territory of one of the EU countries – Belgium. The choice of China as a partner experts explain the experience of this country in the organization of its own payment infrastructure, but questioned the advisability of transferring this experience to Russia.
«China – a country that does everything his – and the payment system, and internal calculations, but I can not imagine what we can do with them, will be able to create an alternative if SWIFT », – says market participant payment systems.
According to bankers, in this matter is impossible, but to protect the Russian market from SWIFT off in the next two years just will not succeed: that is how much time, according to bankers, need to create a duplicate system.
«It’s a matter of costs, time and who will use the alternative system. Can be constructed: SWIFT technology is not unique. I think it’s even cheaper than the need for a payment system – about $ 50 million, “- says the chairman of the Board of Directors of MDM Bank Vyugin (to create NPC allocated 500 million rubles.).
«I think that the process of creating and will be expensive and time consuming. I do not know what all it needs to do: SWIFT very comfortable “- doubts chairman of Nordea Bank Igor Bulantsev.
According to market participants, SWIFT has all the degrees of protection, the system have encryption, and usually, it works without a glitch. Therefore, the main problem in the construction of an analog is the same as with the creation of the national payment system, – bankers interested in using it.
«If SWIFT may refuse to work in the Russian market, there is a need to build their own system. Question – who will go there? Russian banks for sure. European and American – is unlikely. It turns out that this system, in addition to settlements in rubles and yuan, the rest will be ineffective “, – says Igor Bulantsev.
«The problem is not the creation of the technology center. The issue is that the banks have started to use. Now SWIFT system works well: it involves the largest banks in the world. Why do they connect – to invest, put terminals – is unclear. By and large, it is a matter of interest the banks “- agrees Vyugin.
However, the Central Bank already have some experience in building such systems. In particular, the Russian market is already operating the payment system of interbank payments securities, and a few years ago, the regulator has completed work on an online payment system. However sources “Gazety.Ru” close to the realization of the project on-line, without naming specific figures, saying that the cost was “more than substantial».
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