What is IBFT on Net Banking?

Banking ibft NET

It is an online service that is offered free of cost to all customers with banking relationship with Standard Chartered which will allow them to transfer money to Banks participating in NEFT through Net Banking. Using the service, you could debit your (customers) account with us and we would, use RBIs National Electronic Funds Transfer System (NEFT) to remit the funds (credit them) to your beneficiarys bank account held with a bank in India.