BRICS in Global Financial System: The Need to Level the Playing Field

... importer to obtain a deferred payment for goods. However, the size of the global trade financing market is small. For example, in 2022, it was estimated at USD 48.2 billion, which corresponds to only 0.03% of the total amount of payments serviced via SWIFT. Evelina Fokina: Institutionalization of BRICS: From Literature Review to Making Reality Tellingly, final settlements (clearing) of transactions, with information thereon transmitted via SWIFT, are carried out through payment systems much larger in volume than SWIFT. For example, the U.S. Clearing ...