Ant International and HSBC Test New Cross-Border Payments Solution Using Tokenised Deposits on Swift’s Network and Powered by ISO 20022

ISO 20022-enabled solution allows blockchain interoperability on Swift’s network, using Ant International’s technology and HSBC’s Tokenised Deposit Service Integration with Swift’s network extends AML and anti-fraud capabilities to tokenised deposits transactions Proof of concept (POC) marks a step towards enabling seamless money movement across borders

Ant International, HSBC and Swift today have completed a successful Proof of Concept (POC) for the cross-border transfer of tokenised deposits using ISO 20022 standards. The initiative leverages Swift’s global messaging network and HSBC’s recently launched Tokenised Deposit Service, combined with Ant International’s blockchain technology.

The POC marks a key milestone in Ant International, HSBC, and Swift’s efforts to help businesses unlock the full benefits of tokenisation for enhanced liquidity, programmable finance, and 24/7 real-time settlement.

As part of this initiative, Ant International and HSBC successfully integrated Ant International’s in-house blockchain infrastructure with Swift’s networks, enabling real-time treasury management across borders through HSBC Singapore and Hong Kong, via HSBC’s Tokenised Deposit Service. With the introduction of a common protocol co-built with Swift and HSBC, this could remove the need for Ant International to establish individual bilateral arrangements with its bank partners, making it more seamless and efficient for Ant International to leverage banks’ tokenised deposit services.

Combining the transparency and efficiency of tokenisation with the scale and security of existing payments infrastructure, the integration with Swift’s network enhances the security and compliance of Ant International’s innovative blockchain-based solution.

Powered by ISO 20022, the solution extends HSBC's existing AML systems, anti-fraud capabilities and infrastructure into the Tokenised Deposit Service, paving the way for digital money issuers to leverage ISO 20022 and the Swift network, enabling easier adoption by banks and external customers during its future rollout and allowing further interoperability between digital money and traditional fiat money.

Shirish WADIVKAR, Global Head, Payments and Cash Management, Swift, said: “We are excited to demonstrate how ISO 20022 data formats, when combined with new technologies like blockchain, bring significant value to the entire community. This integration not only speeds up payment processing but also enhances AML and sanctions screening. As the financial ecosystem evolves, we remain committed to shaping a future of seamless global interoperability, powered by ISO 20022’s structured data and aligned with financial institutions’ need for trust, efficiency, and regulatory consistency.”

Lewis Sun, Global Head of Domestic Payments and Emerging Payments, HSBC said, “This collaboration with Swift and Ant International is an important step in building a more connected digital money ecosystem for our clients. As we expand HSBC’s Tokenised Deposit Service, ensuring interoperability across both emerging blockchain networks and established payment rails is critical. By enabling tokenised deposits to move securely and efficiently across borders, we are giving our corporate clients more choice in how they manage liquidity globally; with the familiarity of traditional banking and the benefits of next-generation digital infrastructure.”

Kelvin Li, General Manager of Platform Tech at Ant International said, “Since joining Swift’s network last year, we have worked closely to integrate our blockchain capabilities with their robust payment infrastructure. We hope our collaboration can guide the standardisation of tokenised deposits under ISO 20022. We will continue to enable interoperability in global money movement together with our partners, so businesses can access more transparent, secure and efficient cross-border payments.”

The three parties will continue to build on the groundwork of the POC, exploring future pilot tests and use cases for commercial deployment.

Tokenised Deposit Service

Tokenised Deposit Service is HSBC’s blockchain-based instant atomic settlement offering for its corporate clients to manage and move funds across participating HSBC locations in real-time, 24/7 by converting deposits into digital tokens (one token for every dollar).

About Ant International

With headquarters in Singapore and main operations across Asia, Europe, the Middle East and Latin America, Ant International is a leading global digital payment, digitisation and financial technology provider. Through collaboration across the private and public sectors, our unified techfin platform supports financial institutions and merchants of all sizes to achieve inclusive growth through a comprehensive range of cutting-edge digital payment and financial services solutions.

To learn more, please visit https://www.ant-intl.com

About Swift

Swift is a global member owned cooperative and the world’s leading provider of secure financial messaging services. We provide our community with a platform for messaging and standards for communicating, and we offer products and services to facilitate access and integration, identification, analysis and regulatory compliance.

Our messaging platform, products and services connect more than 11,500 banking and securities organisations, market infrastructures and corporate customers in more than 200 countries and territories. While Swift does not hold funds or manage accounts on behalf of customers, we enable our global community of users to communicate securely, exchanging standardised financial messages in a reliable way, thereby supporting global and local financial flows, as well as trade and commerce all around the world.

As their trusted provider, we relentlessly pursue operational excellence; we support our community in addressing cyber threats; and we continually seek ways to lower costs, reduce risks and eliminate operational inefficiencies. Our products and services support our community’s access and integration, business intelligence, reference data and financial crime compliance needs. Swift also brings the financial community together – at global, regional and local levels – to shape market practice, define standards and debate issues of mutual interest or concern.

Headquartered in Belgium, Swift’s international governance and oversight reinforces the globally inclusive character of its cooperative structure. Swift’s global office network ensures an active presence in all the major financial centres.

About The Hongkong and Shanghai Banking Corporation Limited

The Hongkong and Shanghai Banking Corporation Limited is the founding member of the HSBC Group. HSBC serves customers worldwide from offices in 57 countries and territories. With assets of US$3,214bn at 30 June 2025, HSBC is one of the world’s largest banking and financial services organisations.

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