Standard Chartered, Ant International and Swift have launched production trials that connect bank accounts to e-wallets, marking a step toward faster and more interoperable cross-border payments.
The first transfers were completed between a Standard Chartered account and a partner e-wallet through Alipay+, Ant International’s global wallet gateway service, using Swift’s infrastructure.
The collaboration is aimed at broadening payment options while applying the ISO 20022 messaging standard for efficiency, scale and interoperability.
The initiative brings together banks, Swift and wallet providers in a multilateral effort to expand bank-to-wallet transactions globally.
Ant International has said its focus is on fostering collaboration across sectors, with an emphasis on transparency, security and financial inclusion.
By combining Swift’s network of more than 11,500 financial institutions in over 200 countries and territories with the 36 wallets in the Alipay+ ecosystem, the solution already reaches 1.7 billion user accounts, with particular strength in Asia’s fast-growing markets.
Michael Spiegel, Global Head of Transaction Banking, Standard Chartered, said,
“We are pleased to be the bank of choice to conceptualise, test and deliver this innovation. It is 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.”
Kevin Wong, Chief Executive, Asia Pacific, at Swift, said,
“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.”
Featured image: Edited by Fintech News Singapore, based on image by jannoon028 via Freepik
