Economics: SWIFT alternatives mBridge, CIPS, SPFS and rupee-rouble settlement
Alternatives to SWIFT: Key Initiatives 1️⃣ mBridge Blockchain-based infrastructure enabling cross-border CBDC settlements. BIS exited the project in 2024. 2️⃣ China’s CIPS China’s cross-border payment system, launched in 2015, supporting international yuan transactions. 3️⃣ Russia’s SPFS A financial messaging system created to reduce dependence on Western payment infrastructure and expanded after 2022 sanctions. 4️⃣ India–Russia Settlement Rupee–rouble mechanisms and participating Indian and Russian banks facilitate bilateral trade payments. Overall: Countries are exploring more diversified cross-border payment systems amid geopolitical and financial pressures.