Standard Chartered Bank has achieved a major milestone in global financial transactions, successfully processing India’s first-ever cross-border remittance under Swift’s new retail payments scheme. In a remarkable display of modern banking efficiency, the landmark transaction from Australia to India was fully completed in just 37 seconds. The transfer originated from Australia’s Westpac and was seamlessly routed through Standard Chartered using the upgraded Swift network architecture.
By delivering near real-time credit to the beneficiary bank in India, Standard Chartered has proven its capability to handle end-to-end lightning-fast payments. This new Swift retail protocol offers massive advantages over traditional wire transfers, providing users with end-to-end transaction tracking and absolute, upfront certainty on processing costs. Crucially, the system guarantees that zero hidden fees or unexpected foreign exchange deductions are taken, ensuring that the exact amount sent is the exact amount credited to the beneficiary’s account.
PD Singh, Chief Executive Officer for India and South Asia at Standard Chartered, expressed immense pride in being the first globally to execute a payment within seconds under this initiative. He emphasized that this development enables people worldwide to send money back to India as easily and securely as making a domestic transfer. By eliminating the long delays and opaque fees traditionally associated with international wire transfers, this collaboration marks a transformative leap forward for retail remittance corridors
