Dollar Collapse: May 2015 Problems in the Banking Sector

 With Russias new alternative to the SWIFT system coming fully online, and the emergence of a new Chinese Credit card to rival VISA and Mastercard then May and June are likely to bring in interesting times for the banksters!

The Society for Worldwide Interbank Financial Telecommunication (SWIFT) provides a network that enables financial institutions worldwide to send and receive information about financial transactions in a secure, standardized and reliable environment. SWIFT also sells software and services to financial institutions, much of it for use on the SWIFTNet Network, and ISO 9362. Business Identifier Codes (BICs) are popularly known as "SWIFT codes".

Russia intends to have its own international inter-bank system up and running by May 2015. The Central of Russia says it needs to speed up preparations for its version of SWIFT in case of possible ”challenges” from the West.

"Given the challenges, Bank of Russia is creating its own system for transmitting financial messaging... It’s time to hurry up, so in the next few months we will have certain work done. The entire project for transmitting financial messages will be completed in May 2015," said Ramilya Kanafina, deputy head of the national payment system department at the Central Bank of Russia.

UnionPay was launched on March 26, 2002 in Shanghai by PBOC governor Dai Xianglong, with the Industrial and Commercial Bank of China, the Agricultural Bank of China, the Bank of China and the China Construction Bank serving as its first members.
China UnionPay quickly expanded internationally, and now is already number one in terms of quantity of cards in the world.

Russia’s biggest banks - VTB- Gazprombank, Promsvyazbank, Alfa Bank, MTS, and Rosbank- have adopted UnionPay Bank cards. Banks in other BRICS nations are expected to follow the trend knocking a huge hole in profits for VISA and Mastercard.



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