Bank Alfalah Partners With JP Morgan To Make Inward Remittances In Pakistan Easier

With this new strategic engagement, Bank Alfalah will be able to bring near real-time transactions with fast processing and competitive exchange rates for inward remittances

Bank Alfalah Partners With JP Morgan To Make Inward Remittances In Pakistan Easier

Karachi,  November 14, 2023: Bank Alfalah and J.P. Morgan Payments have come together to form a strategic engagement to empower individuals to experience real-time transactions like never before under J.P. Morgan’s Xpedite Remit Service, an advanced service that brings real-time transactions to the forefront, where speed, reliability, and customer satisfaction take center stage.

With this new strategic engagement, Bank Alfalah, one of the largest commercial banks in Pakistan, brings lightning-fast processing and competitive exchange rates for inward remittances. By leveraging Bank Alfalah’s robust infrastructure, real-time transactions will be brought to the forefront, where speed, reliability, and customer satisfaction take center stage.

Inward remittances are critical in bolstering Pakistan's economy, contributing significantly to its foreign exchange reserves and directly impacting its Gross Domestic Product (GDP). These funds, transferred by overseas remitters, help maintain Pakistan's balance of payments, stabilize the economy, and serve as a crucial lifeline for countless families. With this strategic engagement with J.P. Morgan Payments, the bank is all set to continue its growth trajectory, benefiting the communities and economy.

Atif Bajwa, President and CEO at Bank Alfalah, said, "Our relationship with J.P. Morgan Payments will offer customers unparalleled convenience and security when receiving remittances from across the world. 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. This payment solution will help us provide customers worldwide with a fast, reliable, transparent and secure platform for inward remittances, and we are confident that it will set a new standard in the remittance industry”.

Amin Khowaja, Chief Executive Officer, Pakistan, J.P. Morgan, said, "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. With seamless integration and leveraging multiple payout methods, J.P. Morgan Payments, and Bank Alfalah are working to improve the customer experience with cross-border payments. Consumers can continue to look to their bank to deliver a best-in-class payment experience, but now with a greater global reach.”

Zulfiqar Khokhar, Head of the Pakistan Remittance Initiative said, "We are pleased to see Bank Alfalah collaborating with Xpedite Remit of JP Morgan. This significant partnership promises to enhance remittance prospects for our nation and will help our goal of enhancing flows and opening new markets. The collaboration also demonstrates the strong technology infrastructure within the country as it meets the requirements of JP Morgan, for whom this is a key initiative."

About Bank Alfalah:

Bank Alfalah is a leading commercial bank in Pakistan, boasting over 900 branches across 200 cities and an international presence in the UAE, Bangladesh, Bahrain, and Afghanistan. The bank offers a wide range of products and services, including corporate and investment banking, consumer banking, securities brokerage, commercial, small and medium enterprise, agricultural, Islamic, and asset financing to both private-sector institutions and governments.

In 2018, Bank Alfalah launched its digital banking group, setting a high standard for the industry to follow with its Alfa app, a revolutionary new application that brings together an unprecedented range of services and features all in one convenient platform. In 2022, the bank was awarded the best 'Digital Bank' and 'Housing Finance' across Pakistan, highlighting its commitment to simplifying and improving the financial capabilities of its customers.