Eastern Bank strikes deal with JP Morgan to boost inward remittance

Eastern Bank has signed an agreement with JP Morgan Chase Bank NA today to facilitate inward remittance via "Xpedite", a cross-currency solution offered to banks by the multinational finance corporation.

Kiat Lim, managing director and global head of Financial Institutions Group (FIG) Sales for Payment at the multinational finance corporation, and Ali Reza Iftekhar, managing director and CEO of the bank, inked the deal at the latter's head office in Gulshan, read a press release.

The payment solution will enable the bank to receive remittance from non-resident Bangladeshis (NRBs) into a single USD account that Eastern Bank holds with JP Morgan.

This will expand the scope of currencies that the bank can receive remittance in, without the need to open multiple currency accounts. Details of payment format will be featured on the bank's website for NRB customers and their banks to follow.

Eastern Bank's partnership with JP Morgan aims to boost the efficiency and accessibility of remittance services for expatriate Bangladeshis.

Sazzad Anam, executive director and head of Bangladesh representative office at JP Morgan, Shibu Thomas, executive director and head of APAC Product Solutions Specialist, and James Gardiner, economic officer of the embassy of the USA to Bangladesh, were present.

Among others, Ahmed Shaheen, additional managing director of Eastern Bank, Mehdi Zaman, deputy managing director, Ziaul Karim, head of communications and external affairs, Mohammad Mamunur Rashid, head of international business, and Chowdhury Bahar Wadud, head of remittance business, were also present.