A new coalition offers another scale for interoperability of "Bank-to-Wallet" payments

A new and unprecedented association has just emerged in the international payments market. It involves the secure infrastructure of SwiftGroup Ant International and the British Bank Standard Chartered the development of a new bank-to-wallet payment solution. It aims to simplify international money transfers through the association of expertise.

FACTS

• Swift, Ant International and the British Standard Chartered Bank have therefore jointly conducted real-world tests to deploy this new "Bank-to-Wallet" payment solution.

• This solution particularly concerns the exchange of funds between a Standard Chartered Bank account and an electronic portfolio supported by Alipay+.

• This exchange is also based on Swift's infrastructure and applies ISO 20022 to ensure the structure and quality of the data exchanged.

• Production tests have already been launched and initial transactions have been successfully completed.

ISSUES

• Deployment of competence : So far, Swift was mainly relaying interbank messages. Its opening to electronic portfolios (and here Alipay+) represents an unprecedented bridge between traditional infrastructure and neo-payment ecosystems.

• A large impact The Swift network is currently connected to 11,500 institutions in 200 countries. It can now access 1.7 billion Wallet accounts via the 36 portfolios of the Alipay+ network. This network effect increases the scope of cross-border payments and, in particular, this new collaboration.

• Promoting financial inclusion This initiative particularly concerns dynamic Asian markets. But it still simplifies the sending of funds to low-banked areas, capitalising on the strong local adoption of e-wallets.

PERSPECTIVE

• Working together a fintech actor (Ant International), a global bank (Standard Chartered) and a historical infrastructure (Swift) demonstrates a paradigm shift: the border between traditional and alternative finance is blurred to create new "on-demand" services.

• This development has already been identified several times in the past but this new association stands out because of the magnitude of its potential benefits and the reputation of the three actors involved.

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