×

Standard Chartered to Provide Global Remittance Service Using BNY Mellon's Remit Worldwide(SM) Solution Web-based service for U.S. customers significantly expands banking industry's penetration of Indian remittance market

NEW YORK, May 10, 2010 /PRNewswire via COMTEX/ -- BNY Mellon and Standard Chartered today announced the launch of Standard Chartered's new Web-based remittance service, Transfer2Home(R). 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(R) 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.

Notes to editors: Standard Chartered - Leading the Way in Asia, Africa and the Middle East.

Standard Chartered PLC, listed on both London and Hong Kong stock exchanges, ranks among the top 20 companies in the FTSE-100 by market capitalisation. The London-headquartered Group has operated for over 150 years in some of the world's most dynamic markets, leading the way in Asia, Africa and the Middle East. We have produced seven years of record income and profit, primarily as a result of organic growth.

Standard Chartered aspires to be the best international bank for its customers across its markets. The Group earns around 90 per cent of its income and profits in Asia, Africa and the Middle East, from its Wholesale and Consumer Banking businesses. The Group has 1700 branches and outlets located in 70 countries. The extraordinary growth of its markets and businesses creates exciting and challenging international career opportunities.

Leading by example to be the right partner for its stakeholders, the Group is committed to building a sustainable business over the long term and is trusted worldwide for upholding high standards of corporate governance, social responsibility, environmental protection and employee diversity. It employs around 75,000 people, nearly half of whom are women. The Group's employees are of 125 nationalities, of which about 70 are represented in the senior management. For more information on Standard Chartered, please visit www.standardchartered.com.

With locations in 34 countries on six continents and a network of more than 2,000 correspondent financial institutions, BNY Mellon's Treasury Services group delivers high-quality performance in global payments, trade services, cash management, capital markets, foreign exchange and derivatives. It helps clients optimize cash flow, manage liquidity and make payments more efficiently around the world in more than 100 currencies. Processing more than $1.6 trillion in payments transactions on a daily basis, the company is a top-five participant in both the CHIPS and overall funds transfer markets, and is a recognized leader in the delivery of white-label treasury services solutions for banks and other large institutional clients.

BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). BNY Mellon is a global financial services company focused on helping clients manage and service their financial assets, operating in 34 countries and serving more than 100 markets. BNY Mellon is a leading provider of financial services for institutions, corporations and high-net-worth individuals, providing superior asset management and wealth management, asset servicing, issuer services, clearing services and treasury services through a worldwide client-focused team. It has $22.4 trillion in assets under custody and administration, $1.1 trillion in assets under management, services $11.8 trillion in outstanding debt and processes global payments averaging $1.5 trillion per day. Additional information is available at www.bnymellon.com.

Contact: BNY Mellon Standard Chartered

Ron Sommer Candice D'Souza

+1 412 236 0082 +91 98207 66844

ron.sommer@bnymellon.com Candice.Dsouza@sc.com SOURCE BNY Mellon; Standard Chartered www.prnewswire.com Copyright (C) 2010 PR Newswire. All rights reserved -0- KEYWORD: New York

India INDUSTRY KEYWORD: FIN SUBJECT CODE: CON

PDT