With the support of Swift’s secure network, Ant International (a Singapore-based digital payments company) and Standard Chartered Bank have started live trials of a bank-to-wallet payment system that uses the ISO 20022 messaging standard.
Through Alipay+, the global wallet gateway service under Ant International, the first transactions were completed successfully between a Standard Chartered Bank customer account and a partner e-wallet, the trio said in a statement on Wednesday.
This new solution makes international money transfers simpler by using the Swift network, which connects over 11,500 banks in 200+ countries, to reach 1.7 billion accounts across 36 digital wallets in the Alipay+ ecosystem — mainly in fast-growing Asian markets.
“We are pleased to be the bank of choice to conceptualize, test and deliver this innovation. It is a testament to 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,” said Michael Spiegel, Global Head of Transaction Banking, Standard Chartered.
Meanwhile, Kevin Wong, Chief Executive, Asia Pacific, at Swift, said that in a world of fast-moving innovation with a growing number of ways to move value, consumers and businesses expect more choice and optionality in their international payments experience.
“Swift is at the forefront of providing a best-in class experience with greater flexibility and choice,
“This collaboration with Ant International and Standard Chartered reflects that strategic commitment to faster, frictionless payments across multiple networks,” he added.
This new solution makes international money transfers simpler by using the Swift network, which connects over 11,500 banks in 200+ countries, to reach 1.7 billion accounts across 36 digital wallets in the Alipay+ ecosystem — mainly in fast-growing Asian markets.
“Ant International will continue to support such cross-sector collaboration with fintech innovations, to build a more connected payment and financial ecosystem for businesses and consumers with ever higher standards of transparency and security, as part of our focus on promoting global interoperability and inclusion,” he added.
