The BRICS’ New System Could Reshape Global Finance
Faced with a global financial system dominated by Washington, the BRICS are accelerating the implementation of an alternative payment network : BRICS Pay. This project, supported by a bloc expanded to ten countries, aims to reduce dependence on SWIFT and US sanctions. More than a simple technical initiative, it is a strategic bet to reshape the global monetary order and assert financial sovereignty in a world that has become multipolar.
In brief
- The BRICS are working on setting up BRICS Pay, an alternative payment system designed to reduce dependence on the dollar and SWIFT.
- A prototype was presented in Moscow in 2024, based on a decentralized and interoperable architecture, with no mandatory fees.
- The system relies on existing national infrastructures (SPFS, CIPS, Pix, UPI), but its integration remains partial at this stage.
- BRICS Pay could foreshadow a new multipolar monetary architecture, although its full deployment still faces technical and political obstacles.
An evolving architecture : the foundations of BRICS Pay
In October 2024, a prototype of BRICS Pay was unveiled in Moscow, marking a concrete advance in the creation of a non-Western cross-border payment system.
Presented as a decentralized financial messaging protocol, BRICS Pay is designed to enable transactions in local currencies between member countries of the bloc, while bypassing the SWIFT network.
According to the GIS report , the system is intended to be open-source, with no mandatory fees, and capable of handling up to 20,000 messages per second. It relies on a technical architecture aimed at interoperability between national networks, without imposing centralized control. The principle is clear: each country manages its own node while maintaining compatibility with the entire network.
The existing infrastructures of the member states form the pillars of this ambitious project. Here are the main elements that make up the technical backbone of BRICS Pay:
- Russia : SPFS (System for Transfer of Financial Messages), a direct alternative to SWIFT ;
- China : CIPS (Cross-Border Interbank Payment System), coupled with UnionPay ;
- India : UPI (Unified Payments Interface), a large-scale instant payment system ;
- Brazil : Pix, a successful public platform, often cited as an example of innovation ;
- The common goal : to integrate these networks through standardized protocols to ensure smooth inter-BRICS transactions.
Despite this solid foundation, no unified or fully functional version of the system has yet emerged. The interconnection work between SPFS and the other platforms is still in the pilot phase.
Many technical challenges remain to be solved: message standardization, transmission security, effective interoperability, and compliance with each state’s regulatory frameworks. At this stage, the BRICS Pay project remains more of a technological ambition than an operational tool.
An instrument of sovereignty against US sanctions
Beyond the technical issues, this project fits into a political logic of contesting American financial hegemony. The strategic use of the dollar as a sanction lever, notably against Russia and Iran, has fueled the desire of Global South countries to build a parallel network.
The freezing of Russian reserves following the 2022 invasion of Ukraine acted as a wake-up call. This situation was seen as a warning by many emerging powers, who perceive a vulnerability in their exposure to the dollar system.
In this context, the pressures exerted by Donald Trump, back in power with aggressive rhetoric, strengthened the cohesion of the BRICS. The US president threatened to impose tariffs of up to 100 % on any nation adopting a common BRICS currency, and an additional 10 % if alternative systems to the dollar are created.
These measures paradoxically accelerated the search for alternatives. In 2024, 90 % of Russia’s trade with other BRICS members was already conducted in local currencies. Meanwhile, India intensified its bilateral agreements in rupees with China and the Emirates, while Brazil strengthened its financial cooperation with Beijing.
These movements do not yet constitute a coordinated offensive against the dollar but signal the intention of several major economies to equip themselves with autonomous exchange mechanisms, albeit fragmented.
In the short term, a fully integrated system seems out of reach, due to the diversity of regulations, the non-convertibility of certain currencies, and internal geopolitical rivalries. However, the idea of a BRICS currency for commercial settlements, backed by a basket of currencies or commodities, is generating growing interest. This type of instrument, halfway between technological innovation and diplomatic compromise, could serve as a bridge toward progressive disintermediation of the dollar, without causing an immediate systemic shock.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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