Fastepo: BRICS Intra-bank Payment System Launched

In a significant development for the global economic order, Russia and Iran have finalized the integration of their national payment systems, marking a substantial step toward enhancing their economic cooperation and circumventing U.S. sanctions. This move is seen as a strategic effort by both nations to mitigate the impact of international sanctions and strengthen their economic ties. The two countries’ central banks have been working closely to link Iran’s SEPAM system with Russia’s System for Transfer of Financial Messages (SPFS). This integration would allow Iranian and Russian banks to issue and accept each other’s bank cards, facilitating smoother transactions for…