BRICS Pay is not established as a single, bloc-wide payment network already operating as a replacement for SWIFT. The name appears in BRICS Business Council material for an entrepreneurial effort to connect national and commercial payment methods. Separately, BRICS governments are pursuing a Cross-Border Payments Initiative through discussions about interoperability, messaging channels and local-currency settlement. The latest official account, the September 12, 2026 New Delhi Declaration, describes ongoing exploration and discussion—not a launch of a unified system.
What is BRICS Pay?
In the BRICS Business Council’s 2025 annual report, BRICS Pay is described as an entrepreneurial system intended to provide standardized connectivity between national and commercial payment methods in BRICS+ countries. The report says the council’s Payments and Fintech Task Force has been discussing decentralized financial tools and technologies. That description sets out an aim; it does not establish that a bloc-wide network is live or specify a finished technical architecture.
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BRICS Pay is related to, but should not be treated as synonymous with, the broader government-led work. BRICS leaders’ declarations discuss a Cross-Border Payments Initiative, while the BRICS Payment Task Force (BPTF) is tasked with continuing work on payment mechanisms, interoperability, messaging channels and local-currency settlements.
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The Business Council’s report also distinguishes BRICS Pay from BRICS Clear, a proposed cross-border securities settlement and depository platform, and from a decentralized cross-border messaging system (DCMS) proposal presented by the Russian Chapter in 2024. They address different functions; their appearance in the same report is not evidence that they have been combined into one launched product.
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What is the current status?
The most recent official status in the available record is the September 12, 2026 New Delhi Declaration. BRICS leaders said the BPTF was exploring practical solutions, studying interoperability across payment and messaging channels, and continuing discussions. They encouraged further work, while also recognizing that there is no one-size-fits-all approach and that countries have different national priorities.
The declaration describes work in progress, not a bloc-wide rollout. The reviewed official material does not establish a unified system’s final architecture, participating institutions, completed pilot results or operational launch timetable. Nor does it provide a named BRICS Pay transaction volume, active-bank count or live-country count.
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| Evidence | What it establishes |
|---|---|
| New Delhi Declaration, September 2026 | Leaders describe the BPTF as exploring practical payment solutions and studying interoperability of payment and messaging channels. |
| Rio Declaration, July 2025 | Leaders welcomed a technical report and continued discussion of the Cross-Border Payments Initiative; they described the task force’s work as identifying possible pathways to greater interoperability. |
| Bank of Russia financial-track summary, July 2025 | Cross-border payments and settlement/depository infrastructure were listed as cooperation topics, with central-bank experts continuing their work. |
| BRICS Pay live-network scale | Not stated in the cited BRICS Business Council report or declarations; they do not establish a live institution count, country count or transaction volume. |
The New Delhi Declaration captures the stated ambition: “We encourage the BPTF to continue discussions, building on the ongoing work, to facilitate practical solutions for cross-border payments among BRICS countries, which are fast, low-cost, more accessible, efficient, transparent, and safe.” This is a policy objective, not a performance result.
What SWIFT does—and what it does not do
SWIFT is a financial messaging network and a set of standards that financial institutions use to exchange payment instructions and other financial messages. A message network is not itself a currency, a shared settlement asset or every country’s domestic payment rail. A cross-border transfer also depends on other functions that should not be conflated with messaging.
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- Messaging: transmitting standardized instructions between institutions.
- Clearing and settlement: calculating obligations and completing the transfer of funds between institutions.
- Currency conversion and liquidity: sourcing the currencies needed and managing the cost and timing of exchange.
- Domestic delivery: getting funds from the recipient’s financial institution to the recipient’s account or other local payment endpoint.
A BRICS arrangement could connect national payment systems, support local-currency settlement or provide alternative messaging for particular routes. Any such capability could complement SWIFT on specific corridors without replacing all of its functions. The 2025 and 2026 BRICS declarations do not say that the bloc intends or is able to displace every SWIFT service.
How BRICS initiatives compare with SWIFT today
The evidence points to a major difference in demonstrated scale and operating status. BRICS leaders describe exploration and continued discussion. SWIFT, by contrast, reports a large existing institutional network and active work on a retail payments framework. The figures below are attributed to their publishers: SWIFT’s are provider-reported measures of its own network or framework, not independent measures of every transfer’s cost, speed or success.
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| Measure | BRICS work | SWIFT evidence |
|---|---|---|
| Current status | In the September 2026 declaration, leaders describe exploration, study and continuing discussions. | SWIFT reports an established financial messaging network and a retail framework with processing corridors. |
| Institutional reach | A live BRICS Pay institution count is not stated in the cited official material. | SWIFT reported a network connecting more than 11,500 financial institutions across over 200 countries and territories in 2026. |
| Retail framework activity | Live BRICS Pay corridor figures are not stated in the cited official material. | In July 2026, SWIFT said 26 financial institutions had started processing across 25 payment corridors in 17 countries under its new retail framework; it also said more than 70 institutions had committed to implementation in 2026. |
| Speed measure | A comparable BRICS Pay message, settlement or recipient-access measure is not stated in the cited official material. | In March 2026, SWIFT said 75% of payments over its network reached destination banks within 10 minutes or less. This measures arrival at a destination bank, not when the recipient can use the funds. |
SWIFT itself has acknowledged that network speed is not the whole customer experience. In March 2026, Nasir Ahmed, SWIFT’s Head of Payments Scheme, said: “The financial community has made strong collective progress to improve the speed and transparency of cross-border payments, but there is room to go further.” SWIFT said further work was needed on the front-end experience and the final domestic leg.
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1Repair Windows errors before they cause bigger problems2Fix the driver behind crashes, sound loss and screen glitches3Clear out junk files and repair common Windows errorsCan BRICS Pay rival the West’s SWIFT payments system?
It could become a meaningful alternative for particular payment routes, but the available evidence does not show that it currently rivals SWIFT at global scale. Whether a future BRICS arrangement counts as a rival depends on the task: a useful local-currency route between a few participating systems would be a practical alternative for those transfers, but would not by itself match SWIFT’s broad institutional reach or replace the full chain of cross-border payment functions.
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For BRICS arrangements to work reliably across more countries, participants would need to connect systems, agree on standards, make cross-border instructions interoperable, provide settlement and currency liquidity, and ensure payments reach end recipients. An older 2024 analysis by the South African Institute of International Affairs (SAIIA) highlights the challenge of building a broad institutional network and notes that sanctions exposure and third-party risk can complicate adoption. Those are structural hurdles, not proof that a specific system has succeeded or failed.
Questions that determine whether a corridor is useful
- Adoption and reach: Which banks, payment providers and jurisdictions are actually connected and live?
- Interoperability: Can the systems exchange standardized instructions and handle errors under different technical and regulatory rules?
- Settlement and liquidity: Which currency settles the obligation, who provides foreign-exchange liquidity, and how are mismatches handled?
- Speed and delivery: Does a published time measure message receipt, interbank settlement or funds available to the recipient?
- Cost and transparency: Are fees and foreign-exchange charges disclosed in advance, and does the recipient receive the expected amount?
- Governance and resilience: Who sets operating rules, resolves disputes and fraud, protects data, and maintains service across jurisdictions?
What currency use does—and does not—tell us
The European Central Bank reported that around 8% of global trade-finance messages in SWIFT were denominated in renminbi in March 2026. That is a statistic about the currency denomination of a subset of messages on SWIFT. It is not a BRICS Pay adoption figure, does not measure the share of trade settled outside SWIFT and does not show that a common BRICS currency exists.
Local-currency settlement could reduce reliance on a third currency for some transactions, but it still requires counterparties willing and able to hold, exchange and settle in those currencies. It does not, on its own, create a messaging network, connect domestic payment systems or guarantee that a recipient receives funds quickly and cheaply.
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