Swift collaborates with Ant International and HSBC to complete cross-border tokenized deposit payment testing

ChainCatcher news, Ant International, HSBC, and Swift have successfully tested cross-border transfers using tokenized deposits, marking the first case of cross-border tokenized deposit payments utilizing the Swift network and ISO 20022 messaging standard.

In the test, Ant International and HSBC in Singapore 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 universal protocol, allowing Ant International to avoid establishing separate bilateral arrangements with each bank. The three companies stated that this solution achieves blockchain interoperability on the Swift network via the ISO 20022 standard, combining Ant International's technology with HSBC's tokenized deposit service.