Ant International, HSBC and Swift have completed a proof of concept for cross border transfers of tokenized deposits using ISO 20022 messaging standards. It addresses a key challenge: many banks have developed tokenized deposit solutions that are not compatible with each other, especially regarding data formats.
The proof of concept integrated Ant International’s blockchain infrastructure with Swift’s global messaging network and HSBC’s Tokenised Deposit Service, enabling real time treasury management between HSBC Singapore and Hong Kong. The ISO 20022 solution developed by HSBC and Swift aims to make it more efficient to access tokenized deposit services across multiple institutions.
Ant International has served as the inaugural client for several tokenized deposit offerings, including HSBC’s service launched in Hong Kong in May 2025. It is using tokenized deposit integrations with at least ten banks to move money around the world 24/7 and in real time. Its Ant Whale distributed ledger infrastructure provides treasury support for the group’s merchant and payment services. Without widely accepted standards, each integration required custom development work. The ISO 20022 approach provides a standardized framework that could streamline future adoption by banks and corporate clients.
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