Analysis: China’s CIPS Won’t Rescue Russian Banks From SWIFT Ban

By Peng Qinqin, Denise Jia and Kelsey Cheng

In 2021, more than half of the world’s cross-border large payment transactions relied on SWIFT.

Will China’s homegrown mechanism or some other alternative enable Russia to cushion the impact of being cut off from the world’s biggest interbank payment messaging system?

While some analysts say China’s system will get a boost, many experts argue it doesn’t have the capacity to fully replace the messaging mechanism of the Society for Worldwide Interbank Financial Telecommunication (SWIFT) used by financial institutions around the world for cross-border payments.

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