BRAC Bank, JP Morgan launch ‘Wire 365’ to facilitate cross-border settlements

BRAC Bank PLC has entered into a strategic partnership with JP Morgan Payments to introduce "Wire 365", a cutting-edge solution that facilitates near real-time cross-border settlements 365 days a year, regardless of weekends or public holidays.

This collaboration represents a significant milestone in the evolution of payment solutions, delivering unprecedented efficiency and accessibility to financial transactions across the region.

In today's dynamic financial environment, where round-the-clock availability and immediacy are paramount, JP Morgan Payments has launched "Wire 365" to enable financial institutions to respond to and anticipate their clients' ever-evolving needs and expectations.

Through this platform, financial institutions are now able to execute time-sensitive cross-border and high-priority payments even on weekends and public holidays.

Countries such as Bangladesh observe weekends on Friday and Saturday, in contrast to the global norm of Saturday and Sunday. Consequently, this often limits cross-border settlements to merely four weekdays.

Furthermore, differing national holiday calendars create additional constraints. "Wire 365" addresses these challenges by allowing clients to utilise their US dollar accounts for book transfer payments between JP Morgan clients every day of the year, including weekends and US public holidays.

The solution ensures daily settlement while offering enhanced transparency, speed, and certainty.

Selim RF Hussain, managing director and CEO of the bank, remarked, "We are thrilled to leverage JP Morgan's advanced digital platform, "Wire 365", to process time-sensitive cross-border and high-priority payments on weekends and holidays."

"This technology reinforces our commitment to providing uninterrupted, dependable international banking services and empowers our customers to transact seamlessly, whenever required."

Christine Tan, head of sales, APAC at JP Morgan Payments, commented, "In today's global economy, the ability to process cross-border payments outside standard business hours is indispensable."

"To remain competitive, businesses must ensure smooth cash flow and faster settlements. 'Wire 365' is our response to this need. It is not merely a technological innovation; it is about equipping our clients with the flexibility and dependability they require to thrive on a global scale."

As customer expectations and digital capabilities continue to evolve, "Wire 365" offers substantial advantages to businesses, public sector organisations, financial institutions, and non-bank financial entities requiring urgent cross-border or high-priority payments.

It also caters to individual consumers seeking to send or receive international payments in an increasingly digital and always-connected world.