BBK-JP Morgan boost cross-border payments in Bahrain
Bahrain - Bank of Bahrain and Kuwait (BBK) has announced a partnership with JP Morgan Chase Bank to modernise cross-border payments using artificial intelligence (AI).
BBK said it is the first bank in Bahrain to adopt such a digitally advanced solution. The collaboration will leverage JP Morgan's 'Xpedite Auto' solution, which uses AI to improve payment processing, reduce transaction times, and optimise costs for international transactions.
The system automates complex processes to facilitate faster and more secure cross-border payments.
'Our partnership with JP Morgan Chase Bank marks a significant milestone in the evolution of cross-border payments,' said BBK Group chief executive Yaser Alsharifi. 'By leveraging AI, we are transforming the way money moves across borders, offering our clients a faster, more reliable and cost-effective solution.'
JP Morgan Chase Bank Bahrain general manager Abdulla Aljanahi said the collaboration will allow JP Morgan to extend its expertise in payment solutions to BBK's network and client base. 'Together, we aim to build on this strategic partnership and collaboration,' he added.
The solution is expected to launch in the coming month, with plans for future expansion to additional markets and currencies.
Copyright 2022 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (Syndigate.info).
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