At the 2015 BRICS summit in Russia , ministers from BRICS nations , initiated consultations for a payment system that would be an alternative to the SWIFT system . Russian Deputy Foreign Minister Sergey Ryabkov stated in an interview , " The finance ministers and executives of the BRICS central banks are negotiating ... setting up payment systems and moving on to settlements in national currencies . SWIFT or not , in any case we ’re talking about ... a transnational multilateral payment system that would provide greater independence , would create a definite guarantee for BRICS . " The Central Bank of Russia ( CBR ) also started consultations with BRICS nations for a payment system that would be an alternative to the SWIFT system . The main benefits highlighted were backup and redundancy in case there were disruptions to the SWIFT system . The Deputy Governor of the Central Bank of the Russia , Olga Skorobogatova stated in an interview , " The only topic that may be of interest to all of us within BRICS is to consider and talk over the possibility of setting up a system that would apply to the BRICS countries , used as a backup . " China has also initiated development of their own payment system called CIPS that would be an alternative to the SWIFT system . The Cross-Border Inter-Bank Payments System ( '' ' CIPS ' '' ) is a planned alternative payments system to SWIFT which would provide a network that enables financial institutions worldwide to send and receive information about financial transactions in a secure , standardized and reliable environment
2015 BRICS summit
7th BRICS summit
BRICS