Geoeconomic fragmentation: the process by which political tensions translate into parallel financial infrastructures, embedding geopolitics directly into the cost of cross-border transactions.
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Is the world moving beyond SWIFT?
WIFT, CIPS, SPFS, mBridge: Payment Fragmentation or Coexistence?
Key Insights
- Can CIPS, SPFS, and mBridge realistically replace SWIFT as the backbone of global financial messaging and settlement?
- Each alternative serves a distinct purpose: RMB internationalisation, sanctions resilience, or CBDC-based settlement, but none replicates SWIFT's scale, and most still depend on it.
- The payment infrastructure is evolving toward multipolarity, not replacement — parallel systems are emerging, but SWIFT remains the global standard for now.
29 April 2026 · 12:22 CET· Updated 21 June 2026 · 18:01 CETIssue II
Cite this brief
Krystek, C. (2026). Is the world moving beyond SWIFT?. EPIS Insight · International Economic Relations.
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