Russia launches new interbank payment system based on blockchain

If the Ukrainian conflict has plunged Europe into crisis, then Russia’s exclusion from the SWIFT network will not be without consequences for the country. To minimize the overall impact of this restriction on the Russian economy and international trade, a Russian university is currently testing its blockchain counterpart. It is an interbank payment system, the purpose of which is to prevent the separation of the country and its banks.

After Industrial Blockchain CELLSannounced in June last year, the technology of Rostec to facilitate international settlements between Russia and its partners, specialists from the Competence Center of the National Technology Initiative of St. Petersburg State University have developed another solution based on blockchain technology. This is about one interbank payment system.

And the good news pilot version this interbank financial messaging system is already operational. This could be tested on a large scale by Russian banks.

Please note that all people responsible for this project are specialists in the field distributed ledgers. Technologies that made it possible to develop and fill the platform.

Interbank Payment System: Final Preliminary Tests

According to Alexander Kireev, technology supervisor of the interbank payment system, preliminary tests showed very good results. In particular, the transmission rate currently exceeds 25,000 messages per second. And this ability can only increase in the future. Moreover, according to university experts, the platform is able to integrate new financial organizations.

In addition, according to Alexander Kireev, the use of blockchain technology will allow transactions to be carried out both safely and reliably.

Please note that in Russia there is now an analogue of SWIFT. baptized SPFSthis financial messaging system has been in place since 2014. It currently brings together about 70 organizations from a dozen countries.

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