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Global Finance Game-Changer: Find Out What BRICS Bridge, Clear, and Pay Systems Have to Offer
Global Finance Game-Changer: Find Out What BRICS Bridge, Clear, and Pay Systems Have to Offer
Sputnik International
Together with the central banks of the BRICS countries, Russia is working on creating a new settlement and payment infrastructure that will allow payments to be made in national currencies, including digital ones.
2024-10-25T14:23+0000
2024-10-25T14:23+0000
2024-10-25T17:01+0000
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The Kazan Declaration from the 2024 BRICS Summit announced the rollout of the BRICS Clear settlement and depository infrastructure, as the group simultaneously hammers out the BRICS Bridge and BRICS Pay platforms. What are the objectives of these systems?BRICS BridgeAccording to Russian Finance Minister Anton Siluanov, BRICS Bridge is a unified payment system currently under development, though it cannot be classified as a direct alternative to SWIFT.The BRICS Bridge will be built on innovative formats and approaches that consider the integration of digital financial assets.BRICS ClearUnder the Kazan Declaration, BRICS countries will work to create their own independent depository system, BRICS Clear, which is to complement the existing financial infrastructure and will be regulated by relevant departments from the group’s member states.BRICS PayBRICS Pay, a cashless payment service for foreign nationals (including those from non-member states), is expected to launch in Russia by the end of this year, according to BRICS spokesman Andrey Mikhailishin. In 2025, the service may also extend to Russian tourists visiting Turkiye, Egypt, Sri Lanka, and the Maldives.This service will facilitate payments using Mastercard and Visa cards within Russia, while the Mir card will soon be accepted for payments abroad. The BRICS Pay app is anticipated to be available for download on the App Store and Google Play shortly; in the meantime, users can add the app's website to their smartphone screens using the Safari browser.
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brics' kazan declaration, central banks of brics countries, russian finance minister anton siluanov, brics bridge, brics clear, brics pay, multilateral digital settlement and payment platform
brics' kazan declaration, central banks of brics countries, russian finance minister anton siluanov, brics bridge, brics clear, brics pay, multilateral digital settlement and payment platform
Global Finance Game-Changer: Find Out What BRICS Bridge, Clear, and Pay Systems Have to Offer
14:23 GMT 25.10.2024 (Updated: 17:01 GMT 25.10.2024) Together with the central banks of the BRICS countries, Russia is working on creating a new settlement and payment infrastructure that will allow payments to be made in national currencies, including digital ones.
The Kazan Declaration from the 2024 BRICS Summit announced the rollout of the BRICS Clear settlement and depository infrastructure, as the group simultaneously hammers out the BRICS Bridge and BRICS Pay platforms. What are the objectives of these systems?
According to Russian Finance Minister Anton Siluanov, BRICS Bridge is a unified payment system currently under development, though it cannot be classified as a direct alternative to SWIFT.
“This system will enable us to replace traditional banking organizations while simultaneously facilitating a mechanism for transmitting financial messages,” Siluanov explained.
The BRICS Bridge will be built on innovative formats and approaches that consider the integration of digital financial assets.
Under the
Kazan Declaration, BRICS countries will work to create their own independent depository system, BRICS Clear, which is to complement the existing financial infrastructure and will be regulated by relevant departments from the group’s member states.
Siluanov earlier stated that BRICS Clear would operate on the basis of distributed ledger-related technologies. According to him, the system is needed for accounting and trading of securities, as well as for investment activity. BRICS Clear will only be available to the group’s members.
BRICS Pay, a cashless payment service for foreign nationals (including those from non-member states), is expected to launch in Russia by the end of this year, according to BRICS spokesman Andrey Mikhailishin. In 2025, the service may also extend to Russian tourists visiting Turkiye, Egypt, Sri Lanka, and the Maldives.
This service will facilitate payments using Mastercard and Visa cards within Russia, while the Mir card will soon be accepted for payments abroad. The BRICS Pay app is anticipated to be available for download on the App Store and Google Play shortly; in the meantime, users can add the app's website to their smartphone screens using the Safari browser.
