# BRICS financial infrastructure and digital payment efforts > Live situation record from CLSTR: https://clstr.news/situations/brics-alternative-financial-infrastructure-development > Updated: 2026-09-10T20:26:35.000Z. Sources: 72. Developments: 13. BRICS nations are accelerating efforts to build an independent financial infrastructure to reduce reliance on the US dollar and mitigate vulnerabilities to Western-led sanctions. Rather than a single unified currency, the bloc is prioritizing decentralized payment platforms and the integration of central bank digital currencies (CBDCs) with national instant payment systems. As the 18th BRICS summit convenes in New Delhi, the expanded 11-member bloc is attempting to transition into a cohesive economic force. A primary strategic focus remains the development of alternative financial architecture through the interoperability of national payment systems to create direct cross-border settlement mechanisms. Under India’s 2026 presidency, Prime Minister Narendra Modi is expected to propose a strategy to interconnect the CBDCs of member nations. This approach aims to facilitate cross-border trade and reduce transaction costs without creating a centralized system that could be viewed as a direct competitor to the Western-dominated SWIFT network. During the BRICS Business Forum 2026, Indian Commerce and Industry Minister Piyush Goyal advocated for deeper economic integration. His proposals include linking regional payment systems, increasing trade in local currencies, and simplifying regulatory procedures to reduce non-tariff barriers. Goyal highlighted India’s Unified Payments Interface (UPI) as a model for digital trade, noting its acceptance in 11 countries. He also emphasized the need for resilient supply chains for critical minerals and greater cooperation in the services sector through the mutual recognition of professional qualifications. Expanding on these integration efforts, Prime Minister Modi urged the BRICS Business Council to identify the top 10 trade barriers among member nations and proposed supporting 100 BRICS startups annually. Goyal further called for expanded opportunities for women-led enterprises by improving access to credit and markets. External Affairs Minister S. Jaishankar noted that the grouping is marking 20 years of institutionalized cooperation. ## Claims - BRICS nations are discussing linking fast payment systems and central bank digital currencies (CBDCs). (corroborated by 17 sources) - The Reserve Bank of India views artificial intelligence as a capability to be harnessed rather than just a risk. (corroborated by 8 sources) - The RBI is working to internationalize the Indian rupee and promote local currency use in cross-border trade. (corroborated by 8 sources) - Goyal proposed that BRICS members simplify regulatory procedures to deepen intra-group trade. (corroborated by 8 sources) - Lenders are urged to establish board-approved AI governance policies and inventory all AI models in use. (corroborated by 7 sources) - India's Unified Payments Interface (UPI) is currently accepted in 11 countries. (corroborated by 4 sources) - Goyal called for BRICS to expand opportunities for women-led enterprises by improving access to credit and markets. (corroborated by 4 sources) - Approximately 96% of trade between Russia and India is conducted using rupee-ruble mechanisms. (corroborated by 3 sources) - India is avoiding the creation of a unified BRICS payment system to prevent being labeled as anti-Western or anti-dollar. (corroborated by 3 sources) - Approximately 100 million rural women in India are members of nine million self-help groups. (corroborated by 3 sources) - Indian banks are required to maintain human oversight over financial decisions made by AI. (corroborated by 2 sources) ## Timeline ### 2026-09-10: India proposes BRICS CBDC interconnection for cross-border trade India plans to propose interconnecting BRICS central bank digital currencies (CBDCs) for cross-border trade to reduce costs and dollar dependency while avoiding a direct confrontation with the SWIFT system. 4 sources. https://clstr.news/cluster/india-proposes-brics-cbdc-interconnection-for-cross-border-trade ### 2026-09-09: BRICS Business Forum: India calls for reduced trade barriers and local currency use At the BRICS Business Forum in New Delhi, PM Modi and Minister Piyush Goyal called for reducing trade barriers, linking payment systems, and increasing local currency trade to strengthen economic ties. 18 sources. https://clstr.news/cluster/india-and-thailand-discuss-strengthening-trade-and-investment-ties ### 2026-09-09: Russia urges BRICS to build economic architecture independent of US dollar Russia is urging BRICS members to build an economic system independent of the US dollar and Western sanctions, focusing on national currency payments and joint investment platforms. 3 sources. https://clstr.news/cluster/russia-urges-brics-to-build-economic-architecture-independent-of-us-dollar ### 2026-09-04: BRICS Summit in New Delhi focuses on climate and non-dollar trade BRICS leaders and institutional investors managing $1 trillion will meet in New Delhi to discuss climate cooperation, non-dollar trade settlements, and payment system interoperability. 9 sources. https://clstr.news/cluster/brics-summit-in-new-delhi-focuses-on-climate-and-non-dollar-trade ### 2026-09-03: BRICS explores alternative payment systems amid de-dollarization debate BRICS nations are exploring alternative payment infrastructures and digital currency links to facilitate trade, though the U.S. dollar maintains a dominant share of global reserves. 2 sources. https://clstr.news/cluster/brics-explores-alternative-payment-systems-amid-de-dollarization-debate ### 2026-08-31: BRICS summit in New Delhi focuses on economic cooperation and financial infrastructure The BRICS summit in New Delhi will address economic cooperation and the development of alternative financial infrastructure to reduce reliance on Western-controlled payment systems. 3 sources. https://clstr.news/cluster/brics-summit-in-new-delhi-tests-expanded-blocs-cohesion ### 2026-08-26: BRICS to debate BRICS Pay progress at New Delhi summit BRICS members will debate the advancement of BRICS Pay at the New Delhi summit, aiming to interconnect instant payment systems and reduce reliance on the US dollar and SWIFT. 2 sources. https://clstr.news/cluster/brics-to-debate-brics-pay-progress-at-new-delhi-summit ### 2026-08-26: Africa seeks integration with BRICS financial architecture African experts propose linking the Pan-African Payment and Settlement System with BRICS initiatives to lower trade costs, while digital asset regulation remains a key focus for continental financial growth. 2 sources. https://clstr.news/cluster/africa-seeks-integration-with-brics-financial-architecture ### 2026-08-14: BRICS nations discuss economic cooperation and AI innovation BRICS nations are discussing enhanced economic cooperation, including local currency use and AI innovation, as Iran prepares to officially join the New Development Bank in September. 3 sources. https://clstr.news/cluster/brics-nations-discuss-economic-cooperation-and-ai-innovation ### 2026-08-13: BRICS nations discuss integrating digital payments and CBDCs BRICS members are exploring the interconnection of instant payment systems and central bank digital currencies to lower the costs and increase the efficiency of cross-border transactions. 5 sources. https://clstr.news/cluster/brics-nations-discuss-integrating-digital-payments-and-cbdcs ### 2026-08-11: India opposes BRICS currency while pursuing digital payment integration India has officially opposed the creation of a unified BRICS currency ahead of the 2026 summit, opting instead to focus on digital payment linkages and the internationalization of the Indian rupee. 2 sources. https://clstr.news/cluster/india-opposes-brics-currency-while-pursuing-digital-payment-integration ### 2026-08-11: BRICS nations discuss linking CBDCs and fast payment systems BRICS nations are discussing linking fast payment systems and CBDCs to lower cross-border transaction costs and reduce dollar dependence, according to the Reserve Bank of India. 21 sources. https://clstr.news/cluster/brics-nations-discuss-linking-payment-systems-and-cbdcs ### 2026-08-07: BRICS nations develop alternative financial infrastructure to bypass US dollar dominance BRICS nations are building parallel financial infrastructures, such as digital currency platforms and decentralized payment systems, to reduce reliance on the US dollar and bypass Western-controlled networks. 2 sources. https://clstr.news/cluster/brics-nations-develop-alternative-financial-infrastructure-to-bypass-us-dollar-dominance --- Cite as: BRICS financial infrastructure and digital payment efforts. CLSTR, https://clstr.news/situations/brics-alternative-financial-infrastructure-development