During the 17th BRICS Summit, held in Rio de Janeiro this week, the heads of state of the bloc’s member countries decided to move forward with creating an alternative system to SWIFT, the main global interbank payment network. The proposal was debated as part of the BRICS Cross-Border Payments Initiative, which aims to make transactions between member countries more accessible, faster and safer.
According to the summit’s final document (read the full text here), the group welcomed the technical report prepared by the BRICS Payments Task Force, which outlined ways to enhance interoperability between national financial systems. The initiative intends to strengthen trade and investment between Global South countries, reducing dependence on platforms controlled by Northern powers.
The articulation is part of a broader effort, which also includes the use of the New Development Bank (NDB), dubbed the BRICS Bank, as an incubator for new financial tools. The bank, based in Shanghai and headed by Brazilian former President Dilma Rousseff, was mentioned as a strategic space for developing multilateral guarantees and providing institutional support for the proposed new payment platform.
Other measures cited in the declaration – such as the creation of regional reinsurance systems, settlement and custody infrastructure, and the strengthening of the BRICS Contingent Reserve Arrangement (CRA) – point towards the construction of a financial ecosystem of their own, developed by the BRICS countries without the need for intermediation by Western structures.
This is a concrete step to dedollarize international trade, defended for years by China and Russia, and now formally incorporated into Brazil’s priorities as president of the BRICS in 2025. The system seeks to protect the bloc’s countries from unilateral sanctions and ensure greater monetary and financial autonomy.
New Development Bank (NDB)
The leaders’ declaration also recognizes the strategic role of the NDB as an agent of modernization and development in the Global South. The document shows support for expanding the institution’s membership and reaffirms President Dilma Rousseff’s leadership of the bank.
The proposals to strengthen the NDB include expanding financing opportunities in local currency and the development of a Multilateral Guarantee initiative as a way of reducing risks and stimulating investment in infrastructure. The measure is seen as fundamental to making the new cross-border payment system viable and consolidating BRICS’ financial autonomy.
