Standard Chartered Demonstrates First SWIFT Retail Payments Transaction to India
Standard Chartered announced that it has successfully processed the inaugural transaction under SWIFT’s new retail payments framework, achieving an end‑to‑end processing time of 37 seconds. The payment originated from Westpac (Australia) and was routed through Standard Chartered to the beneficiary bank in India, providing near‑real‑time credit to the recipient.
The SWIFT retail payments scheme, highlighted at an event co‑hosted by SWIFT and the Indian Banks' Association, promises several consumer‑focused benefits: full end‑to‑end transparency allowing the sender to track the payment, upfront certainty of cost with no hidden fees, and the elimination of surprise foreign‑exchange deductions so that the amount sent equals the amount received in the beneficiary’s account.
During the ceremony, P D Singh, CEO of India & South Asia at Standard Chartered, was felicitated as the first bank in India to process a payment under this scheme. Singh stated that the bank’s cross‑border and network capabilities underpin its focus on key markets such as India and expressed pride in being the global first to achieve a sub‑minute settlement under the SWIFT retail payments model. He emphasized that the initiative offers a best‑in‑class payments experience backed by banking security.
Kiran Shetty, Chief Executive of SWIFT India and South Asia, remarked that the demonstration showcases the power of SWIFT’s cutting‑edge capabilities to transform cross‑border payments, especially for India, the world’s largest recipient of remittances, where such flows play a significant role in GDP. Shetty highlighted that the speed, transparency, and customer‑centric experience bring cross‑border payments closer to the simplicity of domestic UPI, and noted the supportive regulatory environment in India that accelerates this shift.
Standard Chartered’s presence in India spans over 165 years, making it one of the oldest foreign banks operating in the country, with a comprehensive suite of services across Corporate and Investment Banking, Wealth, and Retail Banking, and an extensive branch network in major cities. Globally, the bank operates in 54 markets, is listed on the London and Hong Kong stock exchanges, and continues to drive commerce and prosperity through its diverse heritage.