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The economist evaluated the possibility of using email instead of SWIFT by Russia’s banks KXan 36 Daily News

Date: December 11, 2023 Time: 07:37:33

“Financial transactions may become less convenient in terms of the speed of information transfer. In addition, the question of the security of the messaging channels arises, ”explained the expert.

However, email is not uncommon in communication between banks. In global banking practice, there are examples where credit institutions send each other certain financial information by email.

“In addition, banks that participate in the Visa and Mastercard payment systems use email to communicate, for example, when requesting account statements,” Badalov said.

Previously, the EU allowed European banks to use fax or email to exchange financial messages with Russian banks that did not have access to SWIFT but were not subject to blocking sanctions.

Recall that a total of 10 Russian banks were disconnected from SWIFT. In addition to Rosselkhozbank, these are Sberbank, VTB, Rossiya, Sovcombank, Otkritie, Novikombank, VEB.RF, MKB and Promsvyazbank. In Russia, in 2014, an analogue of SWIFT was created – the Financial Message Transfer System (SPFS). It now has 469 participants, including about 115 non-residents.

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Hansen Taylor
Hansen Taylor
Hansen Taylor is a full-time editor for ePrimefeed covering sports and movie news.

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