BRICS develops high-speed cross-border payment system to reduce dollar dependence

THE BRICS bloc is developing a new cross-border payment system capable of processing up to 20,000 transactions per second, in a move aimed at strengthening trade settlements in national currencies and reducing reliance on the United States dollar.

The initiative, which has been in development for several years, is part of broader efforts by BRICS countries to build alternative financial infrastructure outside Western-dominated platforms such as the Society for Worldwide Interbank Financial Telecommunication (SWIFT).

The payment system was first proposed in 2018 by the BRICS Business Council, initially presented as a concept to make trade and financial transactions easier among BRICS member states—then consisting of Brazil, Russia, India, China and South Africa. The idea was to support trade settlements in local currencies and improve payment efficiency across borders.

Development discussions reportedly intensified in 2019, but gained stronger momentum after 2022, largely driven by Russia’s increasing need to bypass Western financial restrictions, following sanctions imposed by the United States and its allies. Since then, the push for financial independence has grown within the BRICS framework, with leaders frequently calling for reduced exposure to dollar-based systems.

A significant milestone was reached in October 2024, when a working prototype of the payment platform was demonstrated in Moscow during the BRICS summit. The demonstration raised expectations that the bloc could soon introduce a functional alternative to traditional international settlement channels.

However, as of early 2026, the payment system is still reportedly in an advanced pilot and testing phase, indicating that full-scale deployment across BRICS economies may still take time. Analysts say issues such as regulatory harmonisation, cybersecurity concerns, integration with national banking systems, and political alignment could determine the pace of implementation.

Experts note that BRICS nations have explored alternatives to SWIFT for more than a decade, especially as global trade tensions and sanctions increasingly shape international finance.

If successfully implemented, the system could mark a major shift in global trade settlement patterns by enabling faster and cheaper transactions between BRICS members while supporting the bloc’s long-term objective of strengthening the role of national currencies in international trade.

BRICS has expanded in recent years, increasing its influence and raising expectations that the group may become a stronger counterweight in global financial governance. Observers believe the success of the payment system could accelerate the bloc’s ambition to reshape cross-border payments and reduce the dominance of dollar-based trade systems.