| BRICS PAY | |
| Industry: | Telecommunications |
| Products: | Financial telecommunication |
BRICS PAY or BRICS Pay is a decentralized and independent payment messaging mechanism system that is affiliated with the BRICS organization.[1] [2]
The project is a joint venture developed by the BRICS member states to receive and make payments in their own local currencies.[3] [4] [5] [6] The venture was launched in 2018 by the BRICS Business Council. The team that cooperatively runs BRICS PAY consists of financial, banking technology experts from the four founding nations of BRICS, as well as South Africa. The purpose of BRICS PAY is to make international payments more safe, transparent, less costly and complicated, encouraging international cooperation between the quickly expanding BRICS members.[7]
On October 23, 2024, China has fully backed BRICS PAY.
BRICS PAY will feature a decentralized Cross-border messaging system (DCMS), developed by scientists of the Center of Saint-Petersburg State University of Russia. DCMS operates, transparently, without any central owner or hub. Participants manage their own nodes, allegedly making the system resistant to external abuse, control or interference. The system does not feature mandatory transaction fees, but allows participants to optionally charge one another if they choose so. DCMS automatically builds transaction routes between participants, aiming to ensure reliable communication even in case that direct transmission is unavailable. The goal is to minimize settlement imbalances between counterparties. Messages will be encrypted and signed, with multiple encryption mechanisms available. Participants can establish currency conversion rates and transaction limits. With recommended settings, DCMS claims to reach 20,000 messages per second, while on the other hand not posing minimal hardware requirements. DCMS is also planned to be open source, after passing the piloting phase. [8]