Standard Chartered Launches New Remittance Service Using BNY Mellon Solution

Standard Chartered has launched a new web-based remittance service Transfer2Home, using BNY Mellon's Remit Worldwide solution.

The new service will allow customers in the US to remit funds to accounts with Standard Chartered and other banks in India.

Remit Worldwide enables customers of client banks to remit funds directly to beneficiaries via BNY Mellon’s integration of ACH, SWIFT messaging, and correspondent banking networks in support of global funds transfers.

Remit Worldwide is part of a portfolio of white label solutions, including an array of cash management and trade finance services, offered to other financial institutions by BNY Mellon’s Treasury Services group.

Shyam Srinivasan, head of Standard Chartered consumer banking in India, said: “Our Transfer2Home service is a step forward in providing a seamless banking experience to our customers. This platform helps us in strengthening our banking proposition for non-resident Indians. The robustness of BNY Mellon’s Remit Worldwide solution made it an ideal platform for the type of user friendly and reliable service we want to provide.”