Standard Chartered launches online remittance facility

July 19, 2010 - PRLog -- Mumbai, July 19, 2010: Standard Chartered Bank, India's largest international bank, today announced the launch of its online remittance service, Transfer2Home, as part of its NRI services offering. The service will enable customers to transfer money to India from USA, UK, UAE, Singapore, Hong Kong and Bahrain.

Standard Chartered has tied up with TimesofMoney in order to service customers in United Kingdom, United Arab Emirates, Singapore, Hong Kong and Bahrain. TimesofMoney is a leading payments service provider, which serves various financial institutions offering them money transfer service. Its Private Label Remittance Service caters to the global cross-border money transfer industry. Its industry standard platform provides transaction processing which is fully compliant with payment norms suiting regulatory framework in several countries worldwide.

The Bank has also entered into a strategic arrangement with BNY Mellon for providing Automated Clearing House (ACH) based remittance service from the United States. BNY Mellon is the global leader in asset management and securities servicing. BNY Mellon’s Treasury Services group delivers high-quality performance in global payments, trade services, cash management, capital markets, foreign exchange and derivatives, helping clients make payments, optimize cash flow, and manage liquidity more efficiently around the world in more than 100 currencies.  

Commenting on the launch, Shyam Srinivasan, Country Head Consumer Banking, India said, "India is the top remittance receiver in the world and remittance through the online channel is growing at an incredible pace. Hence, it is imperative that we establish our presence in this sphere. Transfer2Home will be a key enabler for our NRI banking business and is a big step forward in further strengthening our NRI banking proposition". Transfer2Home will enable customers to send money directly into accounts of the beneficiaries. This service also marks Standard Chartered Bank's foray into the fast growing online remittance business Standard Chartered Bank in India.

Speaking on the association with Standard Chartered Bank, Avijit Nanda, President, TimesofMoney Ltd said, "We are extremely happy to extend our services to Standard Chartered bank. With our expertise in the field of online money transfers, we hope to provide unmatched experience to their NRI customers. Along with our transparent and secure transaction system, we wish Standard Chartered Bank’s Transfer2Home services the very best to scale to new heights.

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Standard Chartered Bank in India
Standard Chartered Bank is India's largest international bank with 94 branches in 37 cities, a combined customer base of around 2 million retail customers and more than 1,500 corporate and institutional relationships. Key businesses comprise Consumer Banking, including deposits, loans, wealth management, private banking and SME banking; and Wholesale Banking, which includes cash transaction banking, treasury, corporate finance and custody services. For more information, visit www.standardchartered.co.in