The testing was announced by Andrey Mikhailishin, CEO of BRICS Pay JSC. The launch is scheduled for the second half of 2027.
The technical basis will be a decentralized system for transmitting interbank messages (DCMS). Connected banks will be able to exchange payment information directly, without going through a long chain of correspondents. DCMS does not transfer money itself: the final execution of payments, currency transactions and financial control remain with the participating banks.
Within the closed blockchain network, participants will record mutual obligations and conduct multilateral offsets. You will have to transfer only the total difference, and not each individual payment. Savings on fees will depend on the number of excluded intermediaries in a particular route.
The greatest effect is expected for exporters of raw materials, metals, fertilizers and food, importers of equipment, as well as transport and logistics companies. The terms of the transfer will still take into account currency conversion and financial control requirements - the money will not pass faster than the exchange of messages.
BRICS Pay allows integration with central banks' digital currencies. However, to do this, regulators will need to create technical gateways and establish access rules, a work that has not yet been completed in any of the participating countries.
The scaling of the system depends on three conditions: the number of banks connected, the compatibility of national payment platforms, and the coordination of requirements for currency control, customer verification, and data protection. The more banks that join the network by the time of launch, the wider the route coverage and the higher the potential savings for the business.
Before testing starts in 2027, companies that settle accounts with counterparties in the BRICS countries should keep track of which Russian banks will receive the status of participants in the system: it is their customers who will be the first to gain access to the new route.
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