Bank Alfalah Limited and J.P. Morgan join hands to introduce
inward remittance service in Pakistan
Bank Alfalah Limited has joined forces with J.P. Morgan
Payments to introduce a groundbreaking Inward Remittance service in Pakistan.
This strategic collaboration aims to revolutionize the remittance experience
for individuals through J.P. Morgan’s Xpedite Remit Service, offering real-time
transactions with a focus on speed, reliability, and customer satisfaction.
Bank Alfalah, as one of the country's largest commercial
banks, will leverage its robust infrastructure to provide lightning-fast
processing and competitive exchange rates for inward remittances. This
partnership is poised to play a crucial role in bolstering Pakistan's economy
by contributing significantly to foreign exchange reserves and directly
impacting the Gross Domestic Product (GDP).
Bank
Alfalah's commitment: Rs 970 million disbursed for flood-impacted communities
Inward remittances, vital for Pakistan's economic stability,
serve as a lifeline for numerous families and help maintain the country's
balance of payments. The collaboration with J.P. Morgan Payments positions Bank
Alfalah to further its growth trajectory and positively impact communities and
the overall economy.
Atif Bajwa, President and CEO at Bank Alfalah, expressed
enthusiasm about the partnership with J.P. Morgan Payments, highlighting its
potential to offer customers unprecedented convenience and security in
receiving remittances globally. He emphasized the transformative impact of this
strategic solution on the inward remittance process in Pakistan.
Bank
Alfalah and ACE Money Transfer to facilitate overseas Pakistanis
Amin Khowaja, Chief Executive Officer, Pakistan, J.P.
Morgan, conveyed delight in working with Bank Alfalah to extend the Xpedite
Remit solution to a significant jurisdiction in the cross-border consumer
payments market. This solution provides senders with comprehensive visibility
into their payments, including payment status, applicable FX rates, and
transaction fees.
The collaboration between J.P. Morgan Payments and Bank
Alfalah aims to enhance the customer experience with cross-border payments
through seamless integration and multiple payout methods, contributing to a
best-in-class payment experience with a broader global reach.
Bank
Alfalah increases retirement age to 65, minimum salary to Rs. 40,000
Zulfiqar Khokhar, Head of the Pakistan Remittance
Initiative, expressed satisfaction with the collaboration, foreseeing enhanced
remittance prospects for the nation. He highlighted the partnership's
significance in meeting the goals of improving flows and exploring new markets,
showcasing the strong technology infrastructure within the country.
Source: Pro Pakistani