Standard Chartered and Ant International have commenced live production trials for a bank-to-wallet payment service that uses the ISO 20022 financial messaging standards and Swift infrastrucuture.
Using 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 transactions were passed ove the Swift bank-to-bank network and used the up-and-coming ISO 20022messaging standard.
Upon go live, Swift's global reach will be used to connect to 1.7 billion user accounts on the 36 global digital wallets in the Alipay+ ecosystem.
Michael Spiegel, global head of transaction banking, Standard Chartered says: “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.”
The project is one of multiple partnerships between the bank and the Chinese messaging giant. Just yesterday, the pair announced a new collaboration to introduce an AI-Powered Treasury and FX forecasting system to help businesses improve the efficiency and accuracy of their cashflow and FX exposure forecasts.