The transaction was sent by Australia-based Westpac and routed through Standard Chartered to India using Swift’s network.
According to the bank, the transfer marks the first transaction processed in India under the new Swift retail payments scheme.
The framework is designed to support faster international retail payments while providing features such as payment tracking, upfront fee visibility and reduced foreign exchange deductions.
The announcement was made at an event hosted by Swift in collaboration with the Indian Banks’ Association, which focused on payment modernisation.
Standard Chartered said its systems in India enabled near real-time credit to the beneficiary bank. The lender added that the initiative demonstrates the use of Swift infrastructure for faster cross-border remittance processing.
P D Singh, CEO for India and South Asia at Standard Chartered, said the initiative would help customers send money to India “just as easily as they can send money domestically,” while offering a payments experience backed by the banking system.
Kiran Shetty, Chief Executive of Swift India and South Asia, said the development highlighted efforts to improve the speed and transparency of cross-border remittances and move them closer to the simplicity of domestic digital payments.
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India remains the world’s largest recipient of remittances, according to the World Bank, with overseas inflows contributing significantly to household incomes and the broader economy.
The bank has operated in India for more than 165 years and provides corporate, investment, wealth and retail banking services across the country.
