According to the materials from the site - By Cryptopolitan_News
The initiative announced on Thursday in a press release by the Singapore fintech company brought together the global financial messaging network Swift, HSBC's tokenized deposit service, and Ant International's blockchain technology.
Ant International, HSBC, and Swift have completed a joint proof of concept for cross-border transfer of tokenized bank deposits using ISO 20022 messaging standards. The testing was conducted at HSBC's branches in Singapore and Hong Kong, two of the most technologically advanced jurisdictions in Asia.
The proof of concept focused on sending cross-border tokenized deposits in real time and in accordance with existing banking systems to reduce inefficiencies in international payments, such as delays, high costs, and limited transparency.
At the core of the initiative was the integration of Ant International's proprietary blockchain infrastructure with the Swift ISO 20022 messaging network. This connection allowed the financial company to manage treasury operations in real time through HSBC branches in Singapore and Hong Kong, using the HSBC tokenized deposit service.
As part of this service, HSBC converts traditional bank deposits into digital tokens on a one-to-one basis, with each token representing a unit of fiat currency. The tokens can then be instantly transferred between participating HSBC branches, operating around the clock.
The implementation of a common protocol co-developed by Ant International, HSBC, and Swift can simplify the interaction of large multinational companies with bank tokenized deposit services. Ant International will be able to access tokenized services through a standardized framework instead of entering into separate bilateral agreements with each banking partner.
ISO 20022 modernizes cross-border payments
The ISO 20022 messaging standard has existed since 2004, although most financial institutions did not adopt more structured payment data until the early 2020s. According to a report from the Financial Stability Board published in early October, these payments have improved only slightly in G20 countries over the past two years.
The Ant International and HSBC project can help address structural issues by reducing the number of intermediaries and ensuring near-instant settlements. The ISO 20022 solution also expands HSBC's compliance system for tokenized deposit services, which includes anti-money laundering systems and sanctions compliance checks.
«We are pleased to demonstrate how ISO 20022 data formats, combined with new technologies such as blockchain, bring significant benefits to the entire community. We aim to shape the future of seamless global interoperability based on ISO 20022 structured data, considering the needs of financial institutions for trust, efficiency, and regulatory alignment.»
Shirish Vadwikar, Global Head of Payments and Cash Management at Swift
Lewis Sun, Head of Domestic and Emerging Payments at HSBC, stated that ISO 20022 has created a more interconnected digital money ecosystem for banking customers.
«We provide our corporate clients with more choices in managing liquidity on a global scale; combining traditional banking methods with the advantages of next-generation digital infrastructure,» said Sun to reporters at a press conference.
Kelvin Li, General Manager for Platform Technologies at Ant International, confirmed HSBC's optimistic outlook on the concept, stating that he believes collaboration "could promote the standardization of tokenized deposits in accordance with ISO 20022."
«We will continue to ensure compatibility in global cash flows together with our partners, so that businesses can access more transparent, secure, and efficient cross-border payments,» concluded Li.
In addition to news about its payment infrastructure, Ant International took first place in the NeurIPS Competition of Fairness in AI Face Detection, which took place in early December at the Neural Information Systems conference in San Diego, California.
In the competition, participants developed AI models capable of recognizing AI-generated images of faces from multiple demographic groups, fairly divided by gender, age, and skin color. Ant International took first place among more than 2100 entries from 162 teams worldwide, achieving a recognition rate of 99.8%.
«Biased AI is unsafe AI,» said Dr. Tianyi Zhang, General Manager for Risk Management and Cybersecurity at Ant International. «The fairness of our model prevents the use of deepfakes and provides reliable identity verification for all users, supporting our mission to provide safe and inclusive financial services worldwide.»
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