TEHRAN: Iran’s parliament speaker, Mohammad Bagher Ghalibaf, announced on Saturday that following Iran’s impending membership in the BRICS (Brazil, Russia, India, China, and South Africa) economic bloc, the country is exploring the possibility of adopting the group’s electronic banking communication system, “BRICS Pay,” as an alternative to the SWIFT system.
Ghalibaf highlighted that the activation of an electronic banking communication system to replace SWIFT is among the significant initiatives undertaken by the BRICS group. Iran is set to become a member of BRICS starting January 2024, opening avenues for collaboration with major nations.
He emphasized the crucial role of countries like China, Russia, India, and South Africa in Iran’s transactions, constituting 30% of the country’s total transactions. Ghalibaf stressed the importance of seizing this opportunity for enhanced economic cooperation.
BRICS Pay System Serves as Direct Replacement for SWIFT
The “BRICS Pay” system, according to Ghalibaf, serves as a direct replacement for SWIFT, offering BRICS member nations and other countries the option to utilize this interbank electronic system. BRICS PAY is a digital payments platform collaboratively developed by the member countries of the BRICS economic bloc. It aims to facilitate digital payments between participating nations in the BRICS PLUS format, enabling secure and seamless transactions for businesses and consumers in their respective local currencies.
This transition aligns with Iran’s efforts to enhance its international financial connectivity and streamline cross-border payments, potentially reducing the complexity and cost associated with international transactions while ensuring a secure and reliable method for payment transactions.
