Karachi, In a move set to transform the remittance landscape in Pakistan, Bank Alfalah has partnered with J.P. Morgan Payments to launch the Xpedite Remit Service, an advanced real-time transaction service. This strategic engagement aims to provide customers with fast, reliable, and efficient remittance services, bolstering the country’s economy through enhanced foreign exchange reserves and Gross Domestic Product (GDP) contributions.

According to Bank Alfalah, one of Pakistan’s leading commercial banks, will leverage its robust infrastructure to offer lightning-fast processing and competitive exchange rates for inward remittances. The partnership with J.P. Morgan Payments is expected to significantly benefit the Pakistani diaspora and their families by providing a secure and transparent platform for transferring funds.

Atif Bajwa, President and CEO of Bank Alfalah, emphasized the importance of this collaboration, stating that the relationship with J.P. Morgan Payments would bring unparalleled convenience and security to customers receiving remittances from abroad. He expressed excitement about introducing Xpedite Remit to Pakistan, describing it as a transformative solution that sets a new standard in the remittance industry.

Amin Khowaja, Chief Executive Officer of J.P. Morgan in Pakistan, echoed these sentiments, highlighting the solution’s potential to offer full visibility into payments, including status updates, applicable foreign exchange rates, and transaction fees. He emphasized the commitment of both J.P. Morgan Payments and Bank Alfalah to improving the customer experience in cross-border payments.

Zulfiqar Khokhar, Head of the Pakistan Remittance Initiative, welcomed the partnership between Bank Alfalah and Xpedite Remit of J.P. Morgan. He noted that this significant collaboration promises to enhance remittance prospects for Pakistan and supports the goal of enhancing flows and opening new markets. Khokhar also lauded the strength of Pakistan’s technology infrastructure, which meets the high standards of J.P. Morgan for this key initiative.

The partnership between Bank Alfalah and J.P. Morgan Payments is expected to have a positive impact on the economy of Pakistan, facilitating easier and more efficient money transfers for Pakistanis living abroad and their families back home.