The BRICS Cross-Border Payment Initiative (BCBPI), also known as BRICS Pay, is a proposed international payment system that will allow BRICS nations to make cross-border transactions using their own currencies. This system ideally would allow BRICS members to trade without interruption, and, would include, among others, retail-facing system, B2B services, transaction communications between banking systems, and options to trade with their own currency.
SWIFT, the currently prevalent international financial system, is well established; connecting over 200 countries and territories, and connecting over 11,000 institutions.