Central Bank of Russia Launches SWIFT Alternative for Domestic Payments!

• CBR launches SWIFT alternative for domestic payments! 
  by http://www.rt.com/news/ 
  The Central Bank of Russia (CBR) has launched a new SWIFT-style payment service aimed at moving away from Western financial dominance. The system is already operating, and will be fully functional within six months.
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  “The new service was launched in order to ensure smooth and safe transmission of financial messaging within the country, and is another step towards improving the system of services provided by the Bank of Russia,” said the bank statement Friday.
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  The regulator said the new service will allow credit institutions to transmit messages in a SWIFT format through CBR to all Russia’s regions without restrictions.
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  The calls to disconnect Russian banks from the global interbank SWIFT system came amid the deterioration of relations between Russia and the West and the introduction of sanctions.
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  However, SWIFT itself does not intend to switch Russia off from the system, saying a number of countries put pressure on it, and insists it is not joining the anti-Russian sanctions.
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