Russian banks join Chinese alternative to SWIFT payment system | WHAT REALLY HAPPENED


Russian banks join Chinese alternative to SWIFT payment system

Several Russian banks have joined the China International Payments System (CIPS), to ease operations between the two countries, according to a senior official at the Central Bank of Russia (CBR).

“As for the cooperation on payment systems, a range of banks are already connected to CIPS, allowing to facilitate payments routing procedure,” Vladimir Shapovalov, who heads a division dealing with foreign regulators at the CBR’s international cooperation department, said earlier this week during the international Russian-Chinese forum.

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