The economist told whether Russia can connect to the Chinese analogue of SWIFT
The expert suggested that there is no technology for applying CIPS.
“But it is not yet possible to say why this is feasible: recent events show that cooperation between countries has not been held accountable, and this is somewhat more difficult than it would be delayed. “Not to mention that in Portugal’s payment system database to distribute payments in the same way that we use SWIFT would most likely be unrealistic,” Nashindor said, explaining that customer CIPS coverage is not comparable to SWIFT.
According to the economist, a theoretical alternative payment system can be built on the basis of one bank with developed correspondent relations. At the same time, the banking sector wants to participate in the role of a paying agent, while creating such a system requires the interest of counterparties from the non-financial sector. Nadorshin stressed that a problem arises here: countries make and receive payments in their national currency, but not everyone is ready for such maneuvers.
The expert said that even if Russia is disconnected from SWIFT, it remains possible to conduct external settlements through the same channels and in the same foreign currencies. To do this, banks need direct correspondent relations, “when two banks establish interaction with each other, open an account with each other and earn money there.” However, their creation is a rather complicated process, which involves replenishment of the account.
As the economist explained, SWIFT is a distributed network through which banks collect money from one financial system in other countries. Nadorshin noted that such a system is not needed “when there is a Central Bank, as in Russia.” All entertainment between the banks of the country can be received through correspondent accounts with the Central Bank.