BRAC Bank has formed a strategic partnership with J.P. Morgan Payments to launch Wire 365, a solution that enables near real-time cross-border settlement 365 days a year, irrespective of holidays.
This collaboration marks a significant milestone in revolutionising payment solutions, bringing unparalleled efficiency and accessibility to financial transactions across the region, says a statement.
In today's fast-paced financial landscape, where constant availability and immediacy are essential, J.P. Morgan Payments introduces Wire 365 to empower financial institutions to adapt to and meet their clients' evolving needs and expectations. Financial institutions can make time-sensitive cross-border and high-priority payments on weekends and holidays.
A few countries, including Bangladesh, observe weekends on Friday and Saturday, unlike most countries that generally observe weekends on Saturday and Sunday. This leads to only four weekdays being available for cross-border settlements.
Additionally, varying holiday schedules across different countries further constrain settlement opportunities. Wire 365 enables clients to leverage their US dollar (USD) accounts for book transfer payments between J.P. Morgan clients every day of the year, including weekends and US holidays. It ensures daily settlement and enhanced transparency, speed, and certainty.
As customer expectations and technology continue to evolve, Wire 365 provides significant benefits for businesses, the public sector, financial institutions (FIs), and non-bank financial institutions (NBFIs) that require time-sensitive cross-border and high-priority payments. It also serves consumers looking to send or receive cross-border payments in an increasingly digital, always-on economy.
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