Türkiye discussing use of Russia’s SWIFT alternative

The use of Russia’s SWIFT alternative is being discussed in Türkiye.

The Russian and Turkish banks have begun to discuss the possibility of using an alternative to SWIFT in making settlements - the structured financial messaging system of the Bank of Russia, but there is no concrete result yet, a source in the Turkish banking sector said, Caliber.Az reports citing the Russian media.

So far no progress has been achieved in connecting the Turkish banks and companies to the structured financial messaging system, but negotiations and consultations are still underway.

“The alternatives to SWIFT were discussed in connection with the current situation. There is no concrete result yet. The Russian and Turkish sides are currently analysing the situation to avoid further incidents,” the source said.