National Bank RB: Bashkiria residents will not be affected by SWIFT system shutdown

Disabling the SWIFT system will not affect residents of Bashkiria, nothing threatens ruble savings, the press service of the National Bank of the Republic reports. To confirm their words, financiers give a whole range of reasons.

First. SWIFT is not a payment system. This is a messenger with which banks from different countries transmit and receive financial information. Its shutdown creates inconvenience for banks but does not affect operations within the country. SWIFT has nothing to do with domestic transactions with citizens' cards.

Second. In 2014, the National Payment Card System was created in Russia. Thanks to it, all transactions within the country - even with the use of international cards - take place without the participation of SWIFT. This means that the cards we use now work in Russia as usual: residents can use them to pay for purchases, transfer money from card to card, and use ATMs.

Third. In the same 2014, a domestic alternative to SWIFT was launched in the country - the Financial Message Transfer System (SPFS) of the Bank of Russia. It provides Russian legal entities with guaranteed, uninterrupted, the round-the-clock transmission of financial messages both within the country and abroad.