News: BRICS countries are exploring national-currency and CBDC-based cross-border payment mechanisms amid concerns over dependence on SWIFT and financial sanctions.

About

• SWIFT: Belgium-based global financial messaging system used by banks for cross-border payment instructions.
• Project mBridge: Multi-CBDC platform enabling direct cross-border CBDC settlement without traditional correspondent banks.
• CIPS (China): Launched in 2015 to facilitate internationalisation of the Chinese yuan.
• SPFS (Russia): Developed in 2014 as an alternative financial messaging system; expanded after Russian banks were disconnected from SWIFT in 2022.
• India–Russia: Bilateral trade increasingly uses rupee–rouble settlements, reducing reliance on dollar-based payment channels.
• Key issue: Alternatives are growing but remain smaller and less globally integrated than SWIFT.