Editing SWIFT (section)

==Alternatives==

Purported alternatives to the SWIFT system include:<ref>{{Cite book |last=Prasad |first=Eswar S. |url=https://books.google.com/books?id=aho-EAAAQBAJ&dq=SWIFT+alternative+INSTEX+CIPS&pg=PA435 |title=The Future of Money: How the Digital Revolution Is Transforming Currencies and Finance |date=2021-09-21 |publisher=Harvard University Press |isbn=978-0-674-27008-4 |language=en}}</ref>

# [[Cross-Border Interbank Payment System|CIPS]]: sponsored by [[China]], for [[Renminbi|RMB]]-related deals. 1467 financial institutions in 111 countries and regions have connected to the system. The actual business covers more than 4,200 banking institutions in 182 countries and regions around the world.<ref>{{cite web |title=Exclusive - China's payments system scaled back; trade deals only: sources |url=https://www.reuters.com/article/uk-china-yuan-payments-idUKKCN0PN0P020150713?edition-redirect=uk |website=Reuters |language=en |date=13 July 2015}}</ref><ref>{{Cite news |date=2022-02-28 |title=Factbox: What is China's onshore yuan clearing and settlement system CIPS? |language=en |work=Reuters |url=https://www.reuters.com/markets/europe/what-is-chinas-onshore-yuan-clearing-settlement-system-cips-2022-02-28/ |access-date=2022-03-04}}</ref><ref>{{Cite web |title=CIPS Participants Announcement No. 88 |url=https://www.cips.com.cn/en/participants/participants_announcement/60005/index.html |access-date=2023-09-18 |website=www.cips.com.cn}}</ref>
# [[Structured Financial Messaging System|SFMS]]: sponsored by [[India]]
# [[SPFS]]: developed by the [[Russian Federation]]<ref>{{cite web |title=Перечень пользователей СПФС Банка России {{!}} Банк России |url=https://www.cbr.ru/PSystem/mes/perechen-pol-zovateley-spfs-banka-rossii/ |website=www.cbr.ru}}</ref>
*Former. [[Instrument in Support of Trade Exchanges|INSTEX]]: sponsored by the [[European Union]], limited to non-USD transactions for trade with [[Iran]], largely unused and ineffective.<ref>{{cite web |title=Iran blames EU on INSTEX ineffectiveness |url=https://www.tehrantimes.com/news/457059/Iran-blames-EU-on-INSTEX-ineffectiveness |website=Tehran Times |language=en |date=18 January 2021}}</ref><ref>{{cite web |title=No transaction has been done through INSTEX: Iranian diplomat |url=https://www.tehrantimes.com/news/445829/No-transaction-has-been-done-through-INSTEX-Iranian-diplomat |website=Tehran Times |language=en |date=4 March 2020}}</ref> Liquidated in March 2023.