Straight2Bank provides various payment services such as domestic payments, cross border payments, tax/statutory payments, electronic cheques and financial institutions (FI) payments.
The below list provides an overview of the various payment types offered on Straight2Bank and the usage / purpose of them:
This payment type must be used for low value and large volume domestic payments, usually within the country. The payments are processed in batches and hence during pre-defined cut-off times during the day. These payments are processed in 2-3 days based on the clearing capabilities, in-country.
This is a real-time settlement (also referred to as RTGS), domestic transfer payment capability and normally used for urgent and high value transactions. The settlement is usually in local currency and priced higher than direct credit (ACH) payments. Supports FX payments depending on the country where the debit account is held.
Applicable to several markets. This payment service allows you to send local payments to beneficiaries with accounts in other banks, instantly. These payments would typically be low value payments and processed in real-time. ( e.g. “FAST” for Singapore )
This payment option must be used to transfer funds to another account within Standard Chartered Bank. The beneficiary account may also be an account belonging to the client themselves. Normally only transfers in domicile account are supported, however, cross currency transfers involving FX are supported in some markets. Round the Clock Book Transfer is available in several markets.
This payment type must be used for salary payments. A single debit and multiple credits can be made using this payment option, thereby ensuring integrity of the individual disbursements on the account statement. Underlying payment will be direct credit (ACH) or book transfer (BT) based on the beneficiary’s bank account.
Primarily available across African markets and India. Tax/Statutory payment’s capability on Straight2Bank allows clients to make corporate tax payments, customs payments, and various other tax payments online, at own convenience.
Cross border, international payment service available for remittances in more than 100 currencies in several markets. These payments are processed real-time and settled within 1-2 days, depending on the currencies and involve transaction processing fees depending on the beneficiary bank. Various FX options such as online FX quote, system rate and contract rates are available to process cross currency payments.
Request for Transfer (SWIFT MT101), also referred as RFT allows clients to make payments out of accounts held in another bank using Straight2Bank. This feature allows clients to centralise management of their accounts held with any bank through Straight2Bank.
This is normally used by Banks / Financial Institutions (FI) to transfer and settle funds. The message is normally sent as a SWIFT MT202 message and used in US and UK.
Corporate Cheque on Straight2Bank allows clients to send physical cheque instrument to the beneficiary printed by the Bank, or optionally by the client themselves. The client account is debited when the instrument is presented for clearing and not at issuance.
A physical cheque is printed by the Bank and available to the client for pickup or delivered to the beneficiary on behalf of the client. The client’s account is debited when the instrument is printed. Also referred to as cashier’s order.
A paper based instrument is printed and sent to the beneficiary by the Bank on behalf of the client. The payment may be in domestic or foreign currency and sent to clients overseas or within the same country.
A value added payment capability, cross border cheque allows our clients to make cross border cheque payments to a beneficiary in another Standard Chartered presence country, thereby reducing transaction costs and ensuring certainty of payment.
A value added payment capability, Cross Border Book Transfer allows our clients to make cross border book transfers to a beneficiary in another Standard Chartered presence country. This reduces transaction costs in making cross border payments.
A value added payment capability, Cross Border Direct Credit allows clients in making low value, non-urgent payments to beneficiaries in another Standard Chartered presence country and significantly reduces transaction costs and eliminates need to maintain local accounts for frequent remittances.
A value added payment capability, Cross Border Payroll allows clients to make salary payments to beneficiaries in another Standard Chartered presence country, thereby reducing transaction costs and ensuring certainty of remittances.
A value added payment capability, Cross Border Real Time Settlement allows clients in making high value, urgent payments to beneficiaries in another Standard Chartered presence country and significantly reduces transaction costs and eliminates need to maintain local accounts for frequent remittances.
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