Dhaka Bank PLC has entered into a strategic partnership with JP Morgan Payments to enhance inward remittance services in Bangladesh, leveraging JP Morgan Payments' Xpedite Select Receipt, a sophisticated cross-currency payment and receipt solution.

Christine Tan, managing director and head for the Asia-Pacific at JP Morgan, and Sheikh Mohammad Maroof, managing director of the bank, signed the agreement at the latter's head office in Dhaka recently, according to a press release.

The solution is designed to streamline and secure cross-border receipts in 40 distinct currencies, enabling direct disbursement of funds to beneficiaries in Bangladesh.

In addition, Dhaka Bank has adopted JP Morgan Payments' Wire 365, a service that facilitates the processing of US dollar payments even on US public holidays and weekends.

This initiative is poised to significantly enhance the efficiency of remittance processing, a critical element of Dhaka Bank's contribution to the national economy.

In 2024 alone, Dhaka Bank facilitated over $756 million in remittance inflows, a figure expected to rise further with the implementation of the newly introduced services in collaboration with JP Morgan.

Further information regarding the Xpedite service is available on Dhaka Bank's official website for the convenience of remitters.

Among others, Akhlaqur Rahman, deputy managing director of the bank; Abu Jahid Ansary, executive vice-president and head of international division; and Adebayo Osolake, global head of FI trade sales at JP Morgan Payments; Jing Zhang, trade and working capital FIG; and Sazzad Anam, head of Bangladesh representative office; were also present.