Brics Bridge is an idea whose time has come-its building blocks are already in place

Source: Livemint | Original Published At: 2026-06-14 09:31:04 UTC

Key Points

• BRICS Foreign Ministers emphasized developing a fast, low-cost, neutral cross-border payment system to support greater trade and investment flows.
• The Brics Bridge concept crystallized in 2023 following Russia's debarment from Swift and accelerated after the 2024 BRICS expansion.
• The 2024 Kazan Declaration noted BRICS accounts for over 40% of global GDP and envisaged a blockchain-based financial messaging system.
• Existing national systems including China's CIPS, Russia's SPFS, and India's UPI are identified as building blocks for the new architecture.
• The proposed system aims to enable real-time transfers and direct settlement in local currencies to reduce costs and exchange-rate risks.
• Compliance with international standards on anti-money laundering and fighting the financing of terror is a stated requirement.
• The upcoming BRICS summit in India is expected to indicate future directions for the payment initiative.