BRICS Rethinks Global Finance: Is SWIFT Now Obsolete?

Amid a torrent of speculation and misinformation, one proposal stands out for its clarity and purpose. Think nothing of the rumors of a single BRICS currency or the false launch of the BRICS Pay payment system. The upcoming 2024 summit in Russia will focus on an innovative and tangible initiative: the creation of a BRICS-exclusive payment messaging network, a fearsome competitor to the dominance of the SWIFT system.

We delve into the geopolitical complexities behind the need for an alternative to SWIFT, a system that has transcended its role as a financial instrument to become a lever of political power. This initiative gains further significance considering the recent expansion of the BRICS bloc, which has brought its collective Gross Domestic Product to account for 36% of the global GDP and encompassing 47% of the world's population, marking a substantial presence in the global economy.

In this video, Think BRICS offers a meticulous geopolitical analysis of the proposed payment network, conceived as a bulwark against the politicization of global finance. It is not just about diversifying options, but about erecting a structure in which the economic activities of individuals and sovereign states are no longer at the mercy of a system wielded as a weapon by the West.

As the BRICS countries, Russia, India, China, and South Africa along with the new 6 members for the future, we explore the implications of this initiative for cross-border payments, service providers, and the global payments network.

Some questions remain: how will it affect the adoption of ISO 20022 standards? What does it mean for the future of financial transactions and economic sovereignty?

The picture is clear: a new financial era is on the horizon, in which autonomy and neutrality in economic transactions are key. This video is your compass for navigating the unfolding geopolitical landscape, where finance and strategy converge.

#money #internationalnews #newworld

Timestamps:
00:00 - The global financial system and SWIFT's role
00:15 - The geopolitical landscape and the need for a SWIFT alternative
00:40 - The urgency for a SWIFT substitute, as emphasized by Russian Finance Minister Anton Siluanov
01:00 - The political weaponization of SWIFT and its implications
01:18 - The history and influence of SWIFT in global finance
01:45 - The drawbacks and legal concerns surrounding SWIFT's centralized control
02:44 - The response of nations to SWIFT's dominance and the development of alternative systems
03:55 - The financial potential of the BRICS
05:28 - Russia's development of the SPFS and its capabilities
06:17 - China's CIPS expansion and its role in internationalizing the renminbi
06:42 - Iran's SEPAM system and its impact on circumventing sanctions
07:18 - India's UPI platform and its potential to transform remittances
08:03 - The challenges and potential of linking localized payment systems
08:20 - The vision of financial sovereignty and the incremental progress towards it
08:55 - The implications of a BRICS financial network and the 2024 Summit in Russia
09:17 - Debunking myths about BRICS Single Currency and BRICS Pay
09:47 - The strategic importance of having a diversified payment system
10:25 - The potential of a BRICS system to protect transactions from unilateral decisions
11:00 - The long-term vision for a fair and inclusive global financial system
11:17 - Closing thoughts and don't forget to Follow Us on Social Media

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Please note, that our video presenter is not a certified financial advisor, and the views expressed are solely for entertainment. All data and information shared are gathered from public sources found on the web or in publications and not generated by us. We recommend independent verification. Except for fair use content, our video employs commercially licensed material. Feel free to reach out for queries or business interests.

[ThinkBRICS]

📌 Question of the day: amidst the false hype about the BRICS Pay App and a potential common BRICS currency, 🌐💰 the truth is that BRICS nations are pushing for financial autonomy and the creation of their own payment networks. How do you think this will impact global trade and the balance of political power? Will these new systems provide the promised stability and freedom from unilateral politics, or are we seeing the beginning of a more fragmented financial world?
Share your thoughts! #BRICSPay #FutureOfFinance #SWIFT

[unathimichaelmxaku]

Can't wait to be free.Long live the spirit of BRICS.

[atanumandal]

BRICS Payment Interface (BPI) will require individual BRICS countries to integrate their Payment Systems to integrate with each other...
The faster it happens the quicker a robust alternative to SWIFT will emerge!
Let's hope this happens quickly enough...

[sarahkhan]

BRICS 11 will prosper members and the abandoned nations. BRICS will continue to grow and this a blessing to the world

[pauloziliani]

The key for a successful alternative payment system is to provide something you can rely on no matter what happens on politics. An agreement among BRICS nation around an unified payment system is the only way to provide enough credibility to make it work. Otherwise SWIFT system will prevail as no one wants to be attached in a system where one nation has the full control. A strong alternative to SWIFT surely will provide more stability and trust to global trade

[Cobalt-]

Good analysis on the variety of payment systems that will be massaged and consolidated to produce a new system to bypass SWIFT.

The new system will evolve in the next few years to make non-SWIFT transactions in much of the world more seamless.

[wilsonlee]

New alternative to the SWIFT payment system !

[arturoanton]

A lot I learned from this video.Thanks.Wish Brics a smooth sailing.

[yodingedeepthilankathilaka]

I love the changes on going with BRICS

[namelesswarrior]

BRICS+6 is a SUNAMI! There is no stopping it. The best to hope for is to slow it down for a short while.

[centralmediachannel-cmc]

GREAT , GREAT YOU ARE TO SHOW THE MESSAGES.

[barryshaw]

Very informative update thanks I’m interested in the BRICS + .

[shadowslayer]

Russia has annouced it has been working on the new BRICS+ currency they have the approval of South Africq amd Brazil they just need China and india approavl then theu cann annouce it at the next BRICS+ summit in 2024. Countries that are apart of BRICS+ will still be able to keep their own currency but will have the option to use the common BRICS+ currency for trade.

[MikeVeracity]

There is a new money/currency that is international and is ruled by Mathematics, not by oligarchs, politicians, and countries. If you don't know what it is --- you will lose out.

[ossie]

Very good video but background music is too loud.

[raymondkanda-kabamba]

This could be a historical, great S.H.I.F.T. (Secured Handy Interbank Finances and Transactions) from the "segregatetive and sanctions bound" S.W.I.F.T.(Society for Worldwide Interbank Financial Telecommunications)
Let's S.H.I.F.T. and build the world together....

[CarlRoberts-ss]

B r i c s.will open.bank branches liternatioaly.❤❤❤❤

[franciscosta]

Thanks for the information! Background music is too loud and too frequent.

[Lyra]

When will the BRICS nations offer an alternative to Western credit card services such as Visa and Mastercard?

[spacepathfinder]

simply use Bitcoin and all problems are solved.