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 reduces the risk of external intrusion into the system and the likelihood of hacker attacks,” the report said.

The Head of Rostec, Igor Zavyalov, stated that this transition to a new system will reduce dependence on foreign services and will provide an opportunity to transfer information without using the capacities of foreign providers.

On February 13, the Central Bank announced that from March, it will halve tariffs in its system of transferring financial messages. “Reduction of tariffs for Bank of Russia services on the transfer of financial messages, as well as simplification of their structure, is aimed at increasing the attractiveness of the service for customers and reducing costs for the participants of the SPFS,” the Bank representatives stated, as cited by RBC news agency.

The Bank of Russia has provided information services to credit institutions in the SWIFT format for domestic banking operations since 2014.

  Russia, SWIFT, Rostec, Bank of Russia