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Standard Chartered taps BNY Mellon for remittance service

10 May 2010  |  2356 views  |  0 Source: BNY Mellon

BNY Mellon and Standard Chartered today announced the launch of Standard Chartered's new Web-based remittance service, Transfer2Home.

It allows customers in the U.S. to remit funds to accounts with Standard Chartered and other banks in India. The service is based on the Remit Worldwide solution provided by BNY Mellon Treasury Services.

"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," said Shyam Srinivasan, Head of Standard Chartered Consumer Banking, India. "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."

"India is an extremely important remittance market, and the startup of Standard Chartered's service underscores the growing strength of banks as remittance delivery channels," said Dominick Petramale, Remit Worldwide product manager for BNY Mellon Treasury Services. "We're delighted to be leveraging our extensive experience with electronic payments in India to the benefit of Standard Chartered's customers."

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 an extensive portfolio of white label solutions, including a comprehensive array of cash management and trade finance services, offered to other financial institutions by BNY Mellon's Treasury Services group.

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