A more polarised geopolitical situation, with tensions between countries and economies hampering international cooperation, counterbalances the increased harmonisation and interconnection of payment systems. Standardisation efforts in, for example, the global SWIFT system for cross-border and cross-currency payments are challenged by other regional systems and solutions.

In both Africa and the Middle East, there are regional SWIFT-like systems. Since 2014, Russia has operated its own payment infrastructure – the System for Transfer of Financial Messages (SPFS). The member banks of the Russian system are mainly from the former Soviet Union as well as a few other countries such as Iran and China. The system allows Russia to continue trading and making financial transactions despite sanctions. In the BRICS countries, discussions are underway to develop financial infrastructure for cross-currency payments that are not dependent on the US dollar via the SPFS.