Standard Chartered has processed the first remittance transaction under Swift‘s new retail payments scheme, completing an end-to-end transfer to India in 37 seconds.
The transaction was initiated by Westpac in Australia and credited to a beneficiary bank in India via Standard Chartered — a world first under the scheme. The milestone was recognised at an event hosted by Swift in collaboration with the Indian Banks’ Association, where P D Singh, CEO, India & South Asia, Standard Chartered, was felicitated as the first bank in India to process a payment under the framework.
Retail payment: What It Means
Swift’s retail payments scheme offers end-to-end transaction tracking, upfront cost certainty with no hidden fees, and no FX deductions — meaning the amount sent is the exact amount received by the beneficiary.
P D Singh said: “Our cross-border and network capabilities have been the cornerstones of the Bank’s sharp focus across key markets including India. 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.”
Kiran Shetty, Chief Executive of Swift India and South Asia, said: “For India, the world’s largest recipient of remittances, where they play a significant role in GDP, this evolution is particularly critical. By enabling greater speed, transparency, and an improved customer experience, bringing cross-border payments closer to the simplicity of domestic UPI, Swift is helping unlock a new standard for remittances.”
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