Regional Powers like Brazil, India, China and the EU are moving away from Swift which is under US majority control , and/or the US owned Mastercard/Visa system ( #E):

"The rise of “sovereign” systems, especially in Europe, a big source of Visa’s and Mastercard’s international business, could erode their enviable operating margins of over 50%. In their latest annual reports, both companies brought up “preferential” treatment of domestic payments systems as a risk to business. That may be one reason why investors have lately been lukewarm about the two giants, despite healthy earnings. After a sustained climb starting in 2023, their share prices have declined in the past year (see chart)."

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