OREANDA-NEWS More than 200 banks in Russia are still connected to SWIFT, said Alexey Maslov, co-chairman of the Payment Systems Committee of the Association of Banks of Russia.

"There are still more than 200 banks connected to SWIFT in Russia," Maslov said at the Payment Business and Money Circulation forum.

At the same time, he stressed that the international payment system is currently fragmented. Listing fragments of this system, he noted, in particular, barter, which is "already beginning to be applied," as well as netting, in which "players try to use counter flows."

"The system of international settlements ... is fragmented, consists of different pieces, different options are suitable for different players in different situations, sometimes the same player uses one option at some point, another option for other calculations… We are moving towards a more complex world, when there really will be several options for tools and approaches and we will need to navigate this world well," Maslov concluded.

A few years ago, SWIFT was the main payment processing system - almost all banking transactions in the world passed through it. However, in 2014, when Western countries first threatened to disconnect Russia from the system, large countries began to create alternatives. A Financial Messaging System (SPFS) has appeared in Russia, and a Cross-border Interbank Payment System (CIPS) has appeared in China. There is a private system for transfers in India as well.