Standard Chartered Bank announced on Thursday (2 July) that it has become the first lender in India to process a cross-border remittance under Swift's new retail payments scheme, with the transaction from Australia reaching India in just 37 seconds.
The bank stated that this allowed near real-time crediting to the receiving bank in India, showcasing its capacity to carry out complete payment cycles with partner banks in the country through Swift's network.
The payment was initiated from Westpac in Australia and channelled through Standard Chartered using Swift's infrastructure.
Standard Chartered noted that the new retail payments scheme provides full visibility into payment status at every stage, clarity on costs upfront without any concealed fees, and guarantees that the sent amount reaches the beneficiary's account without foreign exchange deductions.
PD Singh, Chief Executive Officer, India & South Asia, Standard Chartered, 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."
He further said, "We are enabling people all over the world to send money back to India just as easily as they can send money domestically. With this initiative they will get a truly best-in-class payments experience backed by the security of the banking ecosystem, and we're delighted to be working with the industry to make it possible."
Kiran Shetty, Chief Executive of Swift India and South Asia, remarked that the transaction reflected how Swift's established global network could reshape cross-border payments.
"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, where they play a significant role in GDP, this evolution is particularly critical," Shetty said.
He added that ongoing regulatory backing in India was helping speed up the shift toward a quicker, more transparent and customer-focused cross-border payments system built around Swift.