{"id":372589,"date":"2026-09-25T17:49:45","date_gmt":"2026-09-25T12:19:45","guid":{"rendered":"https:\/\/forumias.com\/blog\/?p=372589"},"modified":"2026-09-25T17:49:45","modified_gmt":"2026-09-25T12:19:45","slug":"swift-payment-system-and-its-alternatives","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/swift-payment-system-and-its-alternatives\/","title":{"rendered":"SWIFT Payment System and its Alternatives"},"content":{"rendered":"<div class=\"content-box-green\">\n<p><strong>News:<\/strong> The BRICS Summit discussed increasing trade and payments in national currencies amid efforts to develop alternatives to the SWIFT system.<\/p>\n<\/div>\n<h2 class=\"red-h2-box\">About SWIFT Payment System<\/h2>\n<figure id=\"attachment_372593\" aria-describedby=\"caption-attachment-372593\" style=\"width: 411px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\" wp-image-372593\" src=\"https:\/\/i0.wp.com\/forumias.com\/blog\/wp-content\/uploads\/2026\/09\/Source-Bankinfobook.jpg?resize=411%2C122&#038;ssl=1\" alt=\"SWIFT Payment System and its Alternatives\" width=\"411\" height=\"122\" srcset=\"https:\/\/i0.wp.com\/forumias.com\/blog\/wp-content\/uploads\/2026\/09\/Source-Bankinfobook.jpg?resize=300%2C89&amp;ssl=1 300w, https:\/\/i0.wp.com\/forumias.com\/blog\/wp-content\/uploads\/2026\/09\/Source-Bankinfobook.jpg?resize=1024%2C305&amp;ssl=1 1024w, https:\/\/i0.wp.com\/forumias.com\/blog\/wp-content\/uploads\/2026\/09\/Source-Bankinfobook.jpg?resize=768%2C229&amp;ssl=1 768w, https:\/\/i0.wp.com\/forumias.com\/blog\/wp-content\/uploads\/2026\/09\/Source-Bankinfobook.jpg?resize=1536%2C457&amp;ssl=1 1536w, https:\/\/i0.wp.com\/forumias.com\/blog\/wp-content\/uploads\/2026\/09\/Source-Bankinfobook.jpg?resize=1568%2C467&amp;ssl=1 1568w, https:\/\/i0.wp.com\/forumias.com\/blog\/wp-content\/uploads\/2026\/09\/Source-Bankinfobook.jpg?w=1743&amp;ssl=1 1743w\" sizes=\"auto, (max-width: 411px) 100vw, 411px\" \/><figcaption id=\"caption-attachment-372593\" class=\"wp-caption-text\">Source &#8211; Bankinfobook<\/figcaption><\/figure>\n<ul>\n<li><strong>&#8216;SWIFT&#8217;<\/strong> stands for the &#8216;<strong>Society for Worldwide Interbank Financial Telecommunication&#8217;.<\/strong><\/li>\n<li>It is a <strong>messaging network<\/strong> used by <strong>banks and financial institutions<\/strong> to <strong>exchange information on financial transactions.<\/strong>\n<ul>\n<li>It does <strong>not hold or transfer money or securities.<\/strong><\/li>\n<\/ul>\n<\/li>\n<li><strong>Global Reach:<\/strong> It connects <strong>more than 11,000 banking and securities organizations<\/strong> in over <strong>200 countries and territories.<\/strong><\/li>\n<li><strong>Headquarter:<\/strong>\u00a0 Its headquarters is in<strong> Belgium.<\/strong><\/li>\n<li><strong>Working Mechanism:<\/strong> Each participant is <strong>assigned a unique eight-digit SWIFT code or Bank Identification Code (BIC).<\/strong>\n<ul>\n<li>The sending <strong>bank uses this code to send a SWIFT message to the beneficiary\u2019s bank. <\/strong><\/li>\n<li>After the <strong>message is received and approved, the money is credited to the required account.<\/strong><\/li>\n<\/ul>\n<\/li>\n<li><strong>Governance:<\/strong>\n<ul>\n<li><strong>Ownership and Control:<\/strong> It is <strong>owned and controlled by its shareholders.<\/strong><\/li>\n<li><strong>Board:<\/strong> Shareholders <strong>elect a 25-member Board of Directors<\/strong> to <strong>govern and oversee the company.<\/strong><\/li>\n<li><strong>Oversight:<\/strong> It is <strong>overseen by G-10 central banks<\/strong> and the <strong>European Central Bank (ECB)<\/strong>, <strong>led by the National Bank of Belgium.<\/strong><\/li>\n<li><strong>SWIFT Oversight Forum:<\/strong> It was <strong data-start=\"77\" data-end=\"100\">established in 2012<\/strong>.\n<ul>\n<li>It brings the<strong> G-10 central banks together<\/strong> with the <strong>central banks of India, Australia, Russia, South Korea, Saudi Arabia, Singapore, South Africa, T\u00fcrkiye and China.<\/strong><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h2 class=\"red-h2-box\" style=\"text-align: center;\">Alternatives of\u00a0SWIFT<\/h2>\n<h2 class=\"yellow-h2-box\"><strong>Project mBridge<\/strong><\/h2>\n<ul>\n<li>The <strong>Project mBridge<\/strong> comprises the <strong>Bank of Thailand, Central Bank of the UAE, Digital Currency Institute of China, Hong Kong Monetary Authority, and Saudi Central Bank.<\/strong><\/li>\n<li><strong>Purpose:<\/strong> It is a <strong>multi-Central Bank Digital Currency (CBDC) platform designed for cross-border payments<\/strong> through <strong>direct peer-to-peer CBDC settlement.<\/strong><\/li>\n<li><strong>Technology:<\/strong> The project <strong>developed the mBridge Ledger<\/strong>, a <strong>blockchain for multi-currency cross-border CBDC payments.<\/strong><\/li>\n<li><strong>Status:<\/strong> It attained <strong>minimum viability status in 2024.<\/strong><\/li>\n<\/ul>\n<h2 class=\"yellow-h2-box\"><strong>Cross-Border Interbank Payment System (CIPS)<\/strong><\/h2>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li>The<strong>Cross-Border Interbank Payment System (CIPS)<\/strong>\u00a0is backed by the<strong> People\u2019s Bank of China.<\/strong><\/li>\n<li><strong>Purpose:<\/strong> China <strong>launched it in 2015<\/strong> to <strong>internationalise yuan use.<\/strong><\/li>\n<li><strong>Working:<\/strong> It allows <strong>global banks to clear cross-border yuan transactions directly onshore.<\/strong><\/li>\n<li><strong>Reach:<\/strong> It has participants in <strong>more than 120 countries<\/strong>, <strong>including all BRICS members except India.<\/strong><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h2 class=\"yellow-h2-box\"><strong>System for Transfer of Financial Messages (SPFS)<\/strong><\/h2>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li>The<strong>System for Transfer of Financial Messages (SPFS) <\/strong>was developed by <strong>Russia in 2014.<\/strong><\/li>\n<li><strong>Purpose:<\/strong> It was <strong>developed to bypass Western sanctions.<\/strong><\/li>\n<li><strong>Growth:<\/strong> 50 new entities joined the system in 2023, <strong>taking the total to 440.<\/strong><\/li>\n<li><strong>Participation:<\/strong> More than <strong>100 participants were non-residents.<\/strong><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h2 class=\"yellow-h2-box\"><strong>SEPAM (System for Electronic Payments Messaging)<\/strong><\/h2>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li>The <strong>SEPAMA<\/strong> is <strong>Iran\u2019s local interbank telecom system.<\/strong><\/li>\n<li><strong>Connectivity:<\/strong> It has <strong>52 branches of Iranian banks<\/strong> and <strong>four unnamed foreign banks connecting with 106 banks using SPFS.<\/strong><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>News: The BRICS Summit discussed increasing trade and payments in national currencies amid efforts to develop alternatives to the SWIFT system. About SWIFT Payment System &#8216;SWIFT&#8217; stands for the &#8216;Society for Worldwide Interbank Financial Telecommunication&#8217;. It is a messaging network used by banks and financial institutions to exchange information on financial transactions. It does not&hellip; <a class=\"more-link\" href=\"https:\/\/forumias.com\/blog\/swift-payment-system-and-its-alternatives\/\">Continue reading <span class=\"screen-reader-text\">SWIFT Payment System and its Alternatives<\/span><\/a><\/p>\n","protected":false},"author":10401,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[1566,3127,164,12039],"tags":[11872],"class_list":["post-372589","post","type-post","status-publish","format-standard","hentry","category-daily-factly-articles","category-economy","category-international-relations-daily-factly-articles","category-knolls","tag-9pm-daily-factly","entry"],"jetpack_featured_media_url":"","views":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/372589","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/10401"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=372589"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/372589\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=372589"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=372589"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=372589"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}