India Records First Cross-Border Payment in 37 Seconds Through Standard Chartered

According to a statement made public on July 1st, Standard Chartered Bank was the pioneering Indian financial institution to handle an international money transfer under Swift's new retail payments service. In just 37 seconds, the bank was able to complete the transaction between Australia and India. The Indian recipient bank reportedly received the funds in near real-time, according to the bank.

Even more importantly, it proved it could execute end-to-end Swift rail payments with cooperating banks across the nation. The money flowed via Standard Chartered after leaving Australia's Westpac via Swift's network. The new retail payments method provides end-to-end payment tracking, upfront cost certainty, and no hidden charges, according to Standard Chartered. In addition, it prevents any currency conversion fees from being deducted from the recipient's bank account when the funds are transferred.

Standard Charted Making Transparent Ecosystem for International Transactions

The bank's laser-like focus across critical markets, like India, has been supported by its cross-border and network capabilities, according to PD Singh, Standard Chartered's chief executive officer for India and South Asia. Being the world's first bank to process a payment within seconds under Swift's retail payment program is truly an accomplishment that Standard Chartered, India is very proud of.

While providing more details, Singh mentioned that the bank is making it easy for people from all over the globe to send money back to India, much as sending money within the country. The banks are thrilled to be collaborating with the industry on this project because it will provide customers with a first-rate payment experience supported by the stability of the banking system.

Swift a Real Game Changer For International Transactions

According to Kiran Shetty, Swift's Chief Executive for India and South Asia, the deal demonstrated how Swift's current global infrastructure can revolutionise international money transfers. The ability of Swift to leverage its existing global rails to create true revolution in cross-border payments is demonstrated here, according to Shetty, showcasing the power of Swift's cutting-edge capabilities. This development is of utmost importance for India, the country that receives remittances the most and where they contribute significantly to GDP.

Swift, according to Shetty, is helping to create a new standard for remittances by facilitating faster, more transparent, and better customer experiences; it also brings cross-border payments closer to the simplicity of domestic UPI. This change, which has the ability to reshape the experience of remittances, is not only feasible but is now taking place in India, as demonstrated by the effort of Standard Chartered Bank.

According to Shetty, the ongoing backing from Indian regulators accelerates the establishment of a Swift-anchored cross-border payments ecosystem that is quicker, more transparent, and focused on the client.