The number of messages that Russian banks receive or send through international payments system SWIFT is roughly 10 times smaller than domestic transactions. Russia's payment system consists of several elements, of which SWIFT is but one part. The most important element - BRPS or the Bank of Russia Payment System - effectively handles domestic payment settlements in, for example, government payments. It consists of three components: The system for intraregional electronic payments (VER), the system for interregional electronic payments (MER), and the Banking Electronic Speedy Payment system (BESP system). SWIFT, on the other hand, refers to (cross-border) financial information exchange. The system does not send funds itself, but ensures the transmission of messages between financial institutions. This is similar to the cryptocurrency Ripple (XRP) - which provides a payment transaction framework rather than actively transferring payments itself. Russia does have its own domestic alternative to SWIFT - SPFS - but no concrete figures are provided for this system.
Transaction volume of different domestic and cross-border elements in Russia's payment system from 2012 to 2020
(in millions)
All numbers are totals for the year, whereas SWIFT numbers are of the end of the year
Supplementary notes
The source does not specify which type of SWIFT message - FIN, InterAct or FileAct - it covers, only that it shows "information on the flows of SWIFT messages supporting the payment industry".
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Bank for International Settlements. (January 10, 2022). Transaction volume of different domestic and cross-border elements in Russia's payment system from 2012 to 2020 (in millions) [Graph]. In Statista. Retrieved October 13, 2024, from https://www.statista.com/statistics/1293287/market-size-of-different-payment-systems-in-russia/
Bank for International Settlements. "Transaction volume of different domestic and cross-border elements in Russia's payment system from 2012 to 2020 (in millions)." Chart. January 10, 2022. Statista. Accessed October 13, 2024. https://www.statista.com/statistics/1293287/market-size-of-different-payment-systems-in-russia/
Bank for International Settlements. (2022). Transaction volume of different domestic and cross-border elements in Russia's payment system from 2012 to 2020 (in millions). Statista. Statista Inc.. Accessed: October 13, 2024. https://www.statista.com/statistics/1293287/market-size-of-different-payment-systems-in-russia/
Bank for International Settlements. "Transaction Volume of Different Domestic and Cross-border Elements in Russia's Payment System from 2012 to 2020 (in Millions)." Statista, Statista Inc., 10 Jan 2022, https://www.statista.com/statistics/1293287/market-size-of-different-payment-systems-in-russia/
Bank for International Settlements, Transaction volume of different domestic and cross-border elements in Russia's payment system from 2012 to 2020 (in millions) Statista, https://www.statista.com/statistics/1293287/market-size-of-different-payment-systems-in-russia/ (last visited October 13, 2024)
Transaction volume of different domestic and cross-border elements in Russia's payment system from 2012 to 2020 (in millions) [Graph], Bank for International Settlements, January 10, 2022. [Online]. Available: https://www.statista.com/statistics/1293287/market-size-of-different-payment-systems-in-russia/
