ROSSWIFT

Under SWIFT By-Laws each country organizes SWIFT National Member Group and SWIFT National User Group uniting all SWIFT users. Russian National SWIFT Association (ROSSWIFT) was established in 1995 and is a non-governmental nonprofit organization, representing the interests of both groups as well as acting on their behalf in the Russian Federation.

Currently, about 600 leading Russian banks and organizations are users of SWIFT. The geography of users in the Russian Federation is more than 85 cities in 9 different time zones. More than half of the Russian credit organizations are represented in SWIFT, these are major financial institutions carrying out more than 80% of the settlements. Russia is ranked second by number of SWIFT users after the United States. The supreme authority of the Association lies within the Annual General meeting of ROSSWIFT.

In the intervals of the Annual General meeting the Association is managed by the Steering Committee which is elected at the General meeting from among its members in accordance with the approved principles of the Annual General meeting. The current Chairman of ROSSWIFT Steering Committee is Mrs. Olga N. Kanovich (Advisor to CEO & Chairman of the Board of Sberbank of Russia).

ROSSWIFT is a member of the European SWIFT Alliance, it unites about 29 countries in SWIFT, which accounts approximately for 30% of world traffic. Membership in this organization gives the Russian community an opportunity have an effect on policy decisions in SWIFT Board of Directors.