Swift, in collaboration with Ant International and HSBC, completes cross-border tokenized deposit payment test
TechFlow news, December 11 — According to the South China Morning Post, Ant International, HSBC, and Swift have successfully tested cross-border transfers using tokenized deposits. This marks the first case of cross-border tokenized deposit payments leveraging the Swift network and ISO 20022 messaging standard.
During the test, Ant International in Singapore and HSBC connected Ant's blockchain infrastructure to the Swift network, enabling real-time cross-border fund management between Singapore and Hong Kong through HSBC’s tokenized deposit service. Swift and HSBC introduced a common protocol, allowing Ant International to avoid establishing separate bilateral arrangements with individual banks.
The three companies stated that the solution achieves blockchain interoperability on the Swift network via the ISO 20022 standard, combining Ant International’s technology with HSBC’s tokenized deposit services.
