Switzerland could join a new system similar to SWIFT


Economy22: 51 04.10.2018 (updated 23:07 04.10.2018) Short URLSwitzerland and other countries will be able to participate in a payment system similar to SWIFT, if this project comes into being, Swiss Ambassador to Russia Yves Rossier told Sputnik.Inspotted by Sputnik, the Swiss Ambassador to Russia, Yves Rossier, said that the Confederation could to join a SWIFT analogue if it were created. Bern intends to examine new projects in this area.
However, the question of creating a new payment system is more relevant for the European Union than for Switzerland, added the diplomat.
Be that as it may, the Swiss position on this subject would not be different from the point of view of other countries, says M. Rossier. If this new system is put in place, each country will participate in this project, ensures Sputnik's interlocutor.
SWIFT (Society for Worldwide Interbank Financial Telecommunication) is an international interbank system for the transfer of information and payment. More than 11,000 financial institutions in 200 countries are connected. In 2014, SWIFT representatives reported that there was pressure on the system by some states insisting on its participation in anti-Russian sanctions. In the same year, Russia created an instrument similar to WIFT, the Financial Message Transfer System (SPFS).
In August 2018, German Foreign Minister Heiko Maas declared that the European Union should create an independent analogue of SWIFT to protect its companies from US sanctions against Iran.