THE CENTRAL BANK OF THE RUSSIAN FEDERATION WILL TRANSFER ITS TRANSACTION SYSTEM (SWIFT ANALOG) TO BLOCKCHAIN

The Central Bank plans to transfer its Financial Communications Transfer System (FCTS – the Russian equivalent of SWIFT) to blockchain, reports the press office of the Central Bank.

The Central Bank of Russia believes that the system based on blockchain will allow performing operations with a high degree of reliability and will also have a beneficial effect on the speed of operations. It is assumed that Ethereum will be used for the implementation of this task.

The transfer of FCTS to blockchain will allow the service to offer lower transaction costs. Now the transfer of one transaction in FCTS is 1.5-2.5 rubles, via SWIFT - 0.03-0.05 euros (2.1-3.5 rubles). FCTS connects financial organizations to the system free of charge and does not charge service fees, while connection to SWIFT will cost several tens of thousands of $.

At the moment, 46% of Russian credit institutions are connected to FCTS. However, over the past year, no new bank has joined the system, despite the expansion of the functionality of the service.

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