Standard Chartered and Ant International have begun live production trials for a bank-to-wallet payment service utilizing ISO 20022 financial messaging standards and the Swift infrastructure.
Using Alipay+, the global wallet gateway service from Ant International, the first transactions were successfully completed between a Standard Chartered Bank customer account and a partner e-wallet. These transactions were processed through the Swift bank-to-bank network, employing the emerging ISO 20022 messaging standard.
Once live, Swift’s global network will connect to 1.7 billion user accounts across 36 digital wallets in the Alipay+ ecosystem.
Michael Spiegel, global head of transaction banking at Standard Chartered, stated, “We are pleased to be the bank of choice to conceptualize, test, and deliver this innovation. It reflects the versatility of our banking platform and our strategic relationship with both Swift and Ant International. We will continue to push the boundaries of finance to shape the future of our industry, securely and in compliance with regulatory requirements.”
This project is part of several collaborations between the bank and the Chinese messaging giant. Recently, they announced a new partnership to introduce an AI-powered Treasury and FX forecasting system aimed at enhancing the efficiency and accuracy of cash flow and FX exposure forecasts for businesses.