Cyberplat launches alternative to SWIFT for domestic transactions

Tuesday 16 September 2014 14:09 CET | News

Cyberplat, a provider of cash and electronic payment services, has released a new product for domestic operations, online media outlet East-West Digital News reveals.

The newly launched service, dubbed CyberFT, will function as an alternative to the global interbank financial notification exchange system SWIFT.

The CyberFT software was developed by domestic specialists and all its servers are located within the Russian Federation. Thus, the system conforms to national security criteria and legislation on localizing financial transactions within the country.

Recently, deputy finance minister Alexei Moiseev stated that the ministry, in conjunction with the Central Bank, had prepared a draft law that would make it possible to create an analog to SWIFT in Russia. Meanwhile, Russia does not intend to compete with SWIFT for international data transfers, which would require agreements with other countries.

Should tightening sanctions cause Russian banks to be blocked from access to SWIFT, it would have a negative impact on their ability to make interbank settlements and process client payments in foreign currency inside the country. Thus, Cyberplat’s product is being positioned as a supplement to SWIFT that will reduce such risks.

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Keywords: CyberPlat, SWIFT, domestic transactions, alternative, CyberFT, online payments, domestic operations
Categories: Payments & Commerce
Countries: World
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