Russia’s alternative to the the SWIFT interbank messaging system, the SPFS interbank messaging system, has been expanding its network at an unprecedented rate. 469 banks are now using the system, according to Alla Bakina, the chief of the national payment system department of the Central Bank of the Russian Federation.

On Friday, on the sidelines of a forum in Ekaterinburg, the banking official noted, “Over the past year, we have connected as many [members] as for the entire period of the system’s operation,” adding that 115 of the new members are foreign entities from 14 countries.

Bakina added that the Central Bank of Russia is continuing to work to connect even more users in more countries to the SPFS system. She said, “We work with friendly countries; they connect in different formats – both individually and through a service bureau. The list is expanding.”

First formed in late 2014, the SPFS system was a response to the first wave of Western sanctions, imposed on Russia after it reunified with Crimea, following the deposing of Ukraine’s government. The 2014 sanctions targeted Russian banks, among other entities.

In response the Russian government created the SPFS interbank messaging system to facilitate secure messaging between banks, both inside and outside of Russia, primarily focusing on financial transfers.

Since the most recent waves of sanctions have targeted Russia’s banks, banning them from the use of the SWIFT system, Russia transitioned its financial system to the use of the SPFS system, and set about an aggressive campaign to expand its use internationally.

Russia has also been accelerating its efforts to encourage its trade partners to move away from using US dollars for international trade settlements, and toward using national currencies.