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Tuesday, 22 October 2019 17:28

Belarusian-Russian alternative financial transaction system nearly ready

Belarusian-Russian alternative financial transaction system nearly ready

Belarus and Russia are about to finish creating an alternative system for financial transactions, BelTA learned from Chairman of the Board of OAO Belarusian Interbank Settlement Center Oleg Korobyin during the BANKIT forum on 22 October.

Oleg Korobyin said: “The project is in a high readiness state. An agreement has already been signed with the Bank of Russia. It stipulates that the Belarusian interbank settlement center will become a collective node for the Belarusian banking system. In essence we will play the same role we play as part of the SWIFT system.” 
 
In his words, the system will offer an alternative service for making transactions between Belarus and Russia without SWIFT. The system is supposed to facilitate and cheapen transactions between Belarusian and Russian commercial entities. The system is supposed to go online by the end of the year. “All the permits have been granted. The modules are being united into a single whole,” Oleg Korobyin added.
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