TEHRAN- Reports have emerged that the BRICS economic alliance is considering a new global payment system for international trade that would be an alternative to the Society for Worldwide Interbank Financial Telecommunications (SWIFT).

The six-member group’s finance ministers are exploring the possibility of a unified payments network and will formally discuss the plan in Russia at the next annual meeting of the bloc in 2024. 

The Russian Finance Minister, Anton Siluanov, says the network would boost independent efforts to create payment messaging systems.

“We are trying to introduce our financial messaging system, the SPFS, our Chinese colleagues have their own system, other BRICS countries also either have their systems or are creating them," Siluanov said.

He pointed out that it would allow the bloc to continue its de-dollarization efforts and move away from Western influence on global settlements.

He added, "This is why this issue is to be discussed by money authorities and financial agencies of BRICS member states.”

It comes after BRICS, which stands for the states of Brazil, Russia, India, China and South Africa, formally decided to expand the group to Saudi Arabia, Iran, Ethiopia, Egypt, Argentina and the UAE. 

Siluanov said the bloc is focused on “removing all ties from the West to the Southeast” in a growing trend that will “persist in the future.”

Experts say the West led by the United States and its closest Western allies has led to such a plan.

Analysts have been saying the world is swiftly evolving from the unipolar system to a multipolar one where the U.S. dollar as the world reserve currency will gradually see a decline in value and appeal. 

This process won't happen overnight, but the proposals to have, for instance, a BRICS currency is viable, which is in the interests of BRICS members to avoid being subject to the U.S. dollar domination. 

SWIFT is a component of the global banking system and is used by banks to securely send and receive financial transactions, but critics have accused the United States of abusing the system, depriving other countries and companies of legally trading with each other. 

During the last BRICS summit In August, South Africa’s finance minister said a BRICS-based payments system would aim to strengthen trade in local currencies as opposed to the U.S. dollar, but noted that it would not be a competitor to SWIFT. 

Brazil has also strongly pushed for a common currency to be used in transactions between member states.  

Analysts say the idea is a logical process in the face of what has been taking place in the world. 

At the present time, the United States is a major absorber of capital internationally but it is in so much debt that it is unable to finance its own investment by itself. 

The U.S. is increasingly dependent on the survival of its own economy from the financial intake and investments of other countries. Money that belongs to other countries and

which can be invested domestically and help develop the domestic services of nations, rather than being sent to the U.S., where it is being invested on the basis of "faith". 

That faith is now slowly eroding thanks to Washington's disastrously domestic and hawkish foreign policies. 

Essentially, what Washington has been doing is calling on other nations to invest their funds in the United States and develop America's economy. 

But today, that appears to be something that is not very much in the interests of the international community anymore. 

BRICS, on the other hand, is developing a win-win relationship between countries. 

With China being the largest economy, Beijing is also a massive exporter of funds, which enables it to assist other BRICS members. 

The members of BRICS - Brazil, Russia, India, China and South Africa - as well as the six new invited members - Saudi Arabia, Iran, Ethiopia, Egypt, Argentina and the UAE - do not necessarily have the same system of governance.

As it happens, there are differences between some of the members. 

What they do have in common is an interest to focus on the expansion of their own national development rather than having their assets being held in the United States, a country that has proven to be an unreliable partner over the past decades. 

New developing alliances and initiatives such as BRICS, the Shanghai Cooperation Organization or the Belt and Road Initiative are a breath of fresh air for the dozens of countries that have become members of such organizations or expressed an interest in becoming a member. 

Critics accuse the U.S. of weaponizing its dollar as well as weaponizing the SWIFT payment system, which will sooner rather than later backfire on Washington. 
If the U.S. had been neutral in its foreign economic policy, it would not have been facing any challenges, but the U.S. failed to do so. 

Washington has used its dollar as a tool to force other countries to change their policies in line with that of the U.S. or face heavy punishment. The latest evidence of this is the Ukraine war. 

But there are too many examples, which has made the U.S. dollar both dangerous and a threat to international peace and security. 

Analysts have accused global financial institutions, such as SWIFT, the World Bank, and the International Monetary Fund of serving U.S. interests. 

Weaponizing the SWIFT system and the U.S. dollar, in essence, is unilateral U.S. sanctions?, which affect not only countries that are subject to America's illegal sanction regime but international entities who are hit with sanctions for breaking unilateral U.S. sanctions, where, in fact, they are trading legally under international law. 

This is why experts argue that the matter is urgent and has been recognized by many in the international community, including the U.S. allies who do not speak about the issue in public for fear of U.S. backlash. 

BRICS is being seen as one of the most important organizations to counter this.

It is natural that every country puts its interests first, but every country takes exception to being put under economic pressure by Washington to readjust their own foreign policy agenda. 

As a result, experts say it would be natural for a shift away from trading in the U.S. dollar that will see different countries forging closer and warmer relationships. 

Experts argue that the process of de-dollarization will happen at some point, just like the British sterling was the global reserve currency before being taken over from that capacity by the U.S. dollar. 

The U.S. has major domestic problems and major international problems by meddling in the affairs of other states, which has seen its credibility decline. 

At the same time, America has a national debt of at least $33 trillion, which is growing every year, making investors increasingly skeptical about putting their investments in U.S. treasury bonds. 

Russia has reportedly stated that BRICS is currently in discussion with BRICS members to create its own answer to SWIFT. This would present yet another opportunity for the bloc to create a multilateral world.