Standard Chartered has processed an end-to-end international remittance to India in 37 seconds using Swift’s retail payments scheme, marking what the bank described as a world-first transaction under the framework.
The payment originated from Westpac in Australia and was routed through Standard Chartered, which enabled near real-time credit to the beneficiary bank in India.
Faster cross-border payments
Swift’s retail payments scheme is designed to improve the customer experience for international payments by providing end-to-end tracking, upfront cost transparency and protection against unexpected foreign exchange deductions.
At an event hosted by Swift in collaboration with the Indian Banks’ Association, Standard Chartered was recognised as the first bank in India to process a payment under the scheme.
Industry milestone
“It is indeed a moment of great pride for Standard Chartered, India, to be globally the first bank to process a payment within seconds under Swift’s retail payment scheme. We’re enabling people all over the world to send money back to India just as easily as they can send money domestically,” Standard Chartered India & South Asia CEO P D Singh said.
“This demonstrates the power of Swift’s cutting-edge capabilities, leveraging its existing global rails to drive real transformation in cross-border payments. For India, the world’s largest recipient of remittances, this evolution is particularly critical,” Swift India & South Asia Chief Executive Kiran Shetty said.