Swift pilots blockchain payments with Ant International and HSBC in cross-border test
By using the ISO 20022 messaging standard, the partners say they can make tokenised deposits interoperable with legacy systems
Ant International, HSBC and Swift have successfully tested cross-border transfers of tokenised deposits using an international financial messaging standard, in a move that could streamline global blockchain-based payments and corporate treasury management.
The milestone, announced on Thursday, marked the first case leveraging the Swift network and ISO 20022 as a messaging standard in cross-border payments using tokenised deposits.
The standard is 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, allowing 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 removed the need for Ant International to establish 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.