Contents tagged with SWIFT

  • Russia's industrial conglomerate Rostec plans to switch to the Russian equivalent of SWIFT system

    Russia's Rostec State corporation and the Bank of Russia will switch over to a national system for the transfer of financial messages of the Bank of Russia (SPFS), an equivalent of the SWIFT (Society for Wordwide Interbank Financial Telecommunications) service. The press service of Rostec reported that the system will be used as a channel for the exchange of financial information between all participants of the SPFS. “The digital infrastructure will exchange data in an encrypted mode, which …

  • Kremlin: Russian banks and companies ready to be disconnected from SWIFT

    If Russia is disconnected from the SWIFT interbank system, it will impede bank operation and necessitate the use of outdated technology, but Russian financial institutes and companies are technologically prepared to do this, stated Russian Deputy Prime Minister Arkady Dvorkovich in response to students’ questions during the opening ceremony of the seventh session of the “International Model United Nations” conference.

    “Of course it [the disconnection from SWIFT] would not be pleasant, because …

  • Kremlin: Russia is ready to be disconnected from SWIFT

    The Russian economy is ready to work without being connected to the SWIFT international bank transfer system, stated Russian Deputy Prime Minister Arkady Dvorkovych at the World Economic Forum in Davos.

    “It can work without SWIFT, at some point SWIFT did not exist. Of course, all of this is a little slower and not as effective, but it can work,” Dvorkovych said, as cited by TASS and RIA Novosti.

    He added that the Russian government hopes that there will be no disconnection from SWIFT, because …

  • Media: cyber theft using SWIFT system hits Russian bank

    Kommersant, citing computer security experts, reports that, for the first time in Russia, hackers have managed to carry out a cyberattack on a bank in Russia and withdraw money through the international SWIFT system. This information was confirmed to the publication by the Central Bank; however, the publication’s sources did not name either the bank in which the attack was carried out, or the amount of damage.

    The company Group-IB, which specializes in cybersecurity issues, told the …

  • Financial system SWIFT will provide discount to Russian banks

    Russian newspaper Vedomosti has reported that Russia will receive a discount on the transfer of financial messages beginning in 2018, citing SWIFT Director for Central and Eastern Europe Matvei Gering. According to Gering, the discount will apply to financial message transfers between Russian organizations.

    The newspaper notes that SWIFT operations within the country accounted for 72.5% of all operations by Russian users in the international system, according to data from 2016.

    Vedemosti's …

  • Main Crimean bank may lose access to SWIFT payment system due to loss of its software license

    The British company Finastra, which produces software that allows banks to access SWIFT (Society for World Interbank Financial Telecommunication) system, discovered that one of its clients was the Russian National Commercial Bank (RNCB) operating in the Crimea and decided to stop this cooperation.

    According to Russian Vedomosti newspaper, the bank can switch to another interface for accessing SWIFT, but if it does not manage to do this before August 31 when the license for the Finastra …