Swift tests blockchain payments with Ant International and HSBC in cross-border trial

-

Breakthrough in Cross-Border Payments

Ant International, HSBC, and Swift have successfully conducted a test of cross-border transfers involving tokenised deposits using the ISO 20022 messaging standard. This development could significantly simplify global blockchain-based payments and corporate treasury management.

The milestone, announced on Thursday, marked the first instance where the Swift network and ISO 20022 were used together in cross-border payments with tokenised deposits. The standard serves as a universal language for exchanging electronic data in financial business transactions.

In the test, Singapore-based Ant International and HSBC connected Ant's blockchain infrastructure to Swift's network, enabling real-time cross-border treasury management between HSBC Singapore and Hong Kong through the bank's tokenised deposit services.

Meanwhile, Swift and HSBC introduced a common protocol that eliminated the need for Ant International to create individual bilateral arrangements with banks.

"[This] ISO 20022-enabled solution allows blockchain interoperability on Swift's network, using Ant International's technology and HSBC's Tokenised Deposit Service," the three firms said in a joint statement.

This initiative would allow digital money issuers to use the financial messaging standard and Swift's network to simplify adoption by banks and external clients, instead of building separate connections with each institution, while enhancing interoperability between digital and traditional fiat money.

Swift's messaging platform, products and services connect more than 11,500 banking and securities organisations, market infrastructures and corporate customers in more than 200 countries and territories.

"This integration not only speeds up payment processing but also enhances [anti-money-laundering] and sanctions screening," said Shirish Wadivkar, global head of payments and cash management at Swift.

"We are excited to demonstrate how ISO 20022 data formats, when combined with new technologies like blockchain, bring significant value to the entire community."

Lewis Sun, global head of domestic payments and emerging payments at HSBC, said the partnership with established payment rails and emerging blockchain networks was critical as the bank expanded its tokenisation services.

"By enabling tokenised deposits to move securely and efficiently across borders, we are giving our corporate clients more choice in how they manage liquidity globally," Sun said.

Last year, Ant International became a member of Swift and later joined its programme that aims to enhance transparency in cross-border payments by testing end-to-end transaction tracking across banks, payment service providers and e-wallets.

"We hope our collaboration can guide the standardisation of tokenised deposits under ISO 20022," said Kelvin Li, general manager of platform tech at Ant International.

Ant International, a spin-off of fintech company Ant Group and an affiliate of Alibaba Group Holding, owner of the Post, has been working with a number of banks on its tokenisation initiatives.

Last month, it unveiled work with UBS' blockchain payments platform to step up its global treasury operations. The firm is also involved in the Hong Kong central bank-led digital asset project.

"We will continue to enable interoperability in global money movement together with our partners, so businesses can access more transparent, secure and efficient cross-border payments," said Li.

Comments

Post a Comment

Popular posts from this blog

Japan Firms Leverage Satellites and AI to Locate Abandoned Homes for Sale

-
Image
The Rise of AI-Powered Real Estate Discovery in Japan In Tokyo, a growing number of Japanese companies are leveraging satellite imagery and artificial intelligence to identify abandoned houses that could be repurposed or sold. This innovative approach is becoming increasingly vital as the country faces a rising number of deserted properties due to its aging population. Where Inc., a startup, offers a service that uses AI trained on tens of thousands of images to detect signs of aging roofs, such as rust and discoloration. These findings are then overlaid on satellite maps, helping users spot properties that may have been left unattended. One of Where Inc.'s users, Kotaro Yasue, recently discovered a two-story wooden house through this service. He was able to contact the owner via a real estate registry. It turned out that the house had been neglected for over a decade, and the owner was unsure how to proceed with its disposal. Yasue, who runs a house rental service company in G...
Read more

GEN Nigeria and Others Target Indigenous Firms with New Tech Fees

-
Image
Empowering Nigerian Entrepreneurs with AI Global Entrepreneurship Network (GEN Nigeria), in collaboration with Fidelity Bank Plc and other organizations, has called on young entrepreneurs in Nigeria to embrace new technologies, particularly Artificial Intelligence (AI), in their business operations. This initiative was highlighted during the Youth Entrepreneurship Dialogue, titled “Building the Future with AI: Technology, Talent, and Transformation Entrepreneurship,” which took place at the 2025 Global Entrepreneurship Week (GEW) in Lagos. Dr. Olawale Anifowose, the Managing Director of GEN Nigeria, emphasized that AI has become essential for local enterprises in Nigeria to boost productivity, drive innovation, and enhance competitiveness. According to Anifowose, this can be achieved by automating tasks, personalizing customer experiences through data analysis, and enabling entrepreneurs to develop and scale new products and services more efficiently. Enhancing Efficiency and Produc...
Read more

I Was Healthy Until a Dirty Habit Stopped My Heart

-
Image
A Rare Case of Cannabis-Induced Cardiac Arrest in a Young, Healthy Woman A 26-year-old woman from Georgia experienced a life-threatening cardiac arrest after smoking marijuana. The incident occurred when her fiancé discovered her unconscious on the bathroom floor, prompting immediate emergency medical intervention. Upon arrival at the hospital, doctors confirmed that she had suffered a cardiac arrest, where the heart suddenly stopped beating. The woman had no known pre-existing health conditions and tested negative for heart-related issues such as arrhythmia. However, she was found to have high levels of tetrahydrocannabinol (THC), the psychoactive compound in cannabis responsible for the "high" sensation. Doctors diagnosed her with ventricular fibrillation, a severe heart rhythm disorder that prevents the heart from effectively pumping blood and oxygen throughout the body. This led to what they described as a "cannabis-induced cardiac arrest." This case has rais...
Read more