BRICS Pay to Test Cross-Border Payments Without Intermediary Banks in 2027

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Source: Известия | Original Published At: 2026-10-06 21:25:00 UTC

BRICS Pay plans to test corporate cross-border settlements without long chains of intermediary banks in the second half of 2027.
The system aims to simplify payments in national currencies among BRICS countries and reduce dependence on intermediaries.
It is based on a decentralized financial messaging network and a closed blockchain platform.
Current cross-border payments often pass through several banks, adding checks, commissions and processing time; the new system would transmit payment information directly between connected banks.
Early beneficiaries may include exporters of raw materials, metals, fertilizers and food, importers of equipment, and transport and logistics companies with regular payments within the grouping.
Mass adoption will depend on the number of connected banks; initial rollout may be limited to selected routes, currencies and transaction types before gradually expanding.