BRICS Advances Alternative Payment System to SWIFT

Source: RT Arabic | Original Published At: 2026-09-14 13:36:07 UTC

Key Points

• An agreement signed at the BRICS summit in India on BRICS Pay marks a shift from discussion to practical implementation.
• Russia's Direct Investment Fund and BRICS Pay India agreed to cooperate on developing the payment system and creating cross-border payment services within BRICS.
• Experts say BRICS Pay's technical readiness is still intermediate, no longer purely experimental but not fully operational.
• Finance ministries and central banks have reached multiple agreements on the system's operating mechanism.
• BRICS Pay aims to create an alternative to SWIFT and dependence on the dollar, rather than eliminate the existing system.
• Supporters argue the system could help countries diversify external economies, trade, and policies amid sanctions and restrictions.