Switzerland Would Join New Interbank Payment System Independent of US

• Switzerland Would Join New Interbank Payment System Independent of US
  by https://www.rt.com/
  Bern will take part in any new payment system if it were created as an alternative to the Society for Worldwide Interbank Financial Telecommunication (SWIFT), according to Swiss Ambassador to Moscow Yves Rossier.
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  Switzerland’s position on the issue of creating payment channels that are independent of the United States is unlikely to differ from the position of other countries, Rossier told RIA Novosti. He added his country may participate in setting up an alternative to SWIFT.
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  “If there are any new developments in the financial sector, we will closely monitor them, but this is clearly a matter for reflection in the EU, not in Switzerland… But if a new payment system appears, every country will take part in it, including us, of course, why not,” said the diplomat.
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  SWIFT is a financial network that provides high-value cross-border transfers for members across the world. It is based in Belgium, but its board includes executives from US banks with US federal law allowing the administration to act against banks and regulators across the globe.
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  It supports most interbank messages, connecting over 11,000 financial institutions in more than 200 countries and territories.
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  The issue of setting up a system that would allow Brussels to be independent in its financial operations from Washington has been widely discussed lately, particularly after the US withdrawal from the Iran nuclear deal.
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