How is it different from Third Party Funds Transfer that is currently offered on Net Banking?
• Third Party Funds Transfer is to be used when you want to transfer your money to any other customer of Standard Chartered Bank. In Third Party Funds Transfer, it is essential that the beneficiary has to have an account with us. Hence is limited to only the payments that you would want to make to parties that are also Standard Chartered Bank Customers. • The basic difference is that with IBFT the beneficiary does not have to be a Standard Chartered Bank customer. On your instruction we will debit your account and credit any account held in any bank in India, hence effecting an Inter bank Transfer. • IBFT rides on the RBIs National Electronic Funds Transfer System. The funds will be remitted and will be available with beneficiary bank based on the NEFT clearing time.
