The specialists of the Distributed Ledger Technologies Centre of St. Petersburg State University have begun developing a decentralized international system for interbank financial message transfers using the blockchain technologies. The works started against the background of the disconnection of a number of Russian banks from the global financial messaging system SWIFT.

According to the developers, the system is designed in such a way that each of the countries participating in the project stores a part of the program code and database and is a co-owner of the system. As a result, the risk of disconnecting institutions from the financial messages exchange system is eliminated. At the same time, the safety of transfers and their openness is achieved using the blockchain technologies.

The amount of investment in the system is not disclosed.

The removal of seven Russian banks from the SWIFT system was announced in early March.

Original (in Russian)