Russian analogue to SWIFT: access for foreign companies

Apr, 11 2019

System of financial messages transfer (SFMT), Russian analogue to SWIFT, is in operation since late 2014. Almost 400 companies have been connected to it as at April 2019.

According to current legislation, only Russian banks and their clients as well as foreign credit institutions and international organizations could be SFMT-members

Due to the draft law, adopted by the State Duma in first hearing, all legal entities – Russian and foreign will be included to this list.

Regulations on the use of the system for Russian companies will be set up by the Central Bank of Russia, regulations for foreign companies will be defined by agreements concluded with them.