Bank Alfalah, JP Morgan collaborate

KARACHI: Bank Alfalah Limited has partnered with J.P. Morgan Payments to launch a real-time remittance service in the country, a statement said on Wednesday.

The service, called Xpedite Remit, will allow customers to receive remittances from abroad in a fast, reliable, transparent and secure manner, with competitive exchange rates and low fees. Xpedite Remit is an advanced payment solution that leverages J.P. Morgan's global network and technology to provide seamless integration and multiple payout methods for cross-border payments.

"Our relationship with J.P. Morgan Payments will offer customers unparalleled convenience and security when receiving remittances from across the world," said Atif Bajwa, President and CEO at Bank Alfalah.

"This strategic solution will transform the process of handling inward remittances in Pakistan. We are excited to work with J.P. Morgan Payments to expand Xpedite Remit into Pakistan, the first-of-its-kind service in the country."

Amin Khowaja, Chief Executive Officer, Pakistan, J.P. Morgan, said the partnership with Bank Alfalah would enhance the customer experience with cross-border payments and expand J.P. Morgan's reach in the remittance market.

"J.P. Morgan is delighted to work with Bank Alfalah to expand our Xpedite Remit solution into an important jurisdiction in the cross-border consumer payments market. This solution can give the sender full visibility into their payments into Pakistan, including payment status, applicable FX rates, and transaction fees," he said.