With the aim of strengthening trade settlement in national currencies and reducing dependence on the US dollar, BRICS is developing a new cross-border payment system capable of processing up to 20,000 transactions per second. This infrastructure has the potential to reshape international payment arrangements among member states.
The initiative, which forms part of BRICS’ broader strategy to establish an independent financial infrastructure separate from Western-dominated systems, including the SWIFT financial messaging network, was first proposed in 2018 by the BRICS Business Council. The objective was to accelerate trade and financial exchanges among members and expand settlement in local currencies.
Development of the project gained momentum in 2019 and accelerated further after 2022, following intensified Western financial sanctions against Russia. During this period, financial independence and reduced reliance on dollar-based infrastructures became central pillars of cooperation within the BRICS framework.
In October 2024, an operational prototype was unveiled at the BRICS Leaders’ Summit in Moscow, signaling that the initiative had entered the implementation phase. However, as of early 2026, the project remains in an advanced testing stage, and full-scale deployment across member economies will require additional time.
Several factors will influence the pace of final implementation, including regulatory harmonization among national banking systems, cybersecurity requirements, integration with domestic payment infrastructures, and political alignment among member states.
Notably, the BRICS payment system could enable faster and lower-cost transactions among members, increase the share of national currencies in international trade, and strengthen the bloc’s position in global financial governance.
Code: 1063-20260223
