This is huge!!!
BRICS Officially Announces Financial System Similar to SWIFT
The BRICS alliance is looking to bypass the Western SWIFT system and replace it with its own financial mechanism. The creation of a new financial messaging system similar to SWIFT will allow BRICS to reshape the global trade landscape.
The majority of cross-border transactions are now settled using SWIFT and cutting ties with the system provides leverage to the nine-member alliance. BRICS can create a new payment system without incorporating the US dollar for transactions.
