Dhaka Bank PLC and JP Morgan Payments have teamed up to enhance inward remittance services to Bangladesh by implementing JP Morgan Payments' Xpedite Select Receipt a cross-currency payment and receipt solution.
The solution aims to streamline and secure cross-border receipts in 40 different currencies, delivering the funds directly to beneficiaries in Bangladesh. Dhaka Bank has also adopted J.P. Morgan Payments' Wire 365, a facility which allows USD payments to be processed even on US holidays and weekends.
The collaboration was formalized on Wednesday, through an inauguration ceremony at Dhaka Bank's head office, says a press release. Sheikh Mohammad Maroof, Managing Director of Dhaka Bank, and Christine Tan, Managing Director and Head of Asia Pacific at JP Morgan, participated in the event to kick start the collaboration. This move is expected to significantly streamline the process of receiving remittances, which is a crucial component of Dhaka Bank's contribution to Bangladesh's economy.
In 2024, Dhaka Bank facilitated over USD 756 million in remittance inflows-a figure anticipated to grow further with the adoption of newly introduced services in partnership with JP Morgan. Details on how the Xpedite service works are accessible on Dhaka Bank's official website for remitters.
Akhlaqur Rahman, Deputy Managing Director and Abu Jahid Ansary, EVP and Head of International Division of Dhaka Bank, along with JP Morgan Payments' team, including Adebayo Osolake, Global Head of FI Trade Sales, Jing Zhang, Trade and Working Capital FIG and Sazzad Anam, Head of Bangladesh Representative Office, attended the ceremony.
