Türkiye may accept Russian analogue of SWIFT

by alex

The country may start using the Financial Messaging System (FMTS)

Turkey is studying the Financial Message Transmission System (SPFS), which is the Russian analogue of SWIFT, as reported by RIA &Novosti» source in the Turkish banking sector.

«While we are studying it. As far as we know, there are already countries with which Russia conducts financial transactions using this system. This means that there are opportunities for application», — he said.

The source added that banking experts in Russia and Turkey need to conduct a thorough analysis of this system to avoid difficulties in the future.

At the beginning of the year it became known that Turkish banks refuse to cooperate with Russian financial organizations due to fears related to possible sanctions.

There is information that the Russian analogue is head and shoulders above the usual SWIFT. The point is that SWIFT is an old technology, and SPFS has already implemented many technologies of recent years. 

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