Standard Chartered launches online remittance facility

MUMBAI: Standard Chartered Bank today announced the launch of its online remittance service Transfer2Home, as a part of its NRI services offering.

The service will enable customers to transfer money to India from the USA, UK, UAE, Singapore, Hong Kong and Bahrain, a press release issued here stated.

Standard Chartered has tied-up with TimesofMoney in order to service customers in the 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, the release said.

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, optimise cash flow, and manage liquidity more efficiently around the world in more than 100 currencies.