Strategic Russian Firm Dumps SWIFT In Favor Of Domestic Bank Transfer Alternative

RT – April 14, 2018: Russian state tech giant Rostec will use Russia’s analogue of SWIFT interbank cash transfer services, the company said in a press release.

The tech firm will connect to the Russian system for transfer of financial messages (SPFS) to make its payments safer. “The digital infrastructure will help to exchange data in encrypted mode, which reduces the risk of external intrusion into the system and the likelihood of hacker attacks,” Rostec said.

The head of Rostec, Igor Zavyalov, said that the transition to a new system will reduce dependence on foreign services and will provide an opportunity to transfer information without using the capacities of foreign providers.

Last month, another Russian state-owned firm, global oil giant Rosneft, announced it had tested the SPFS in December with the help of the country’s third largest lender, Gazprombank.

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