The National Bank of Bahrain Group (NBB Group), comprising the National Bank of Bahrain (NBB) and Bahrain Islamic Bank (BisB), has become the first in the Middle East and Africa region to use J.P. Morgan Payments’ Wire 365 solution, which offers USD clearing services 365 days a year and enables continuous access to real-time cross-border payments.
Wire 365 provides financial institutions, corporates, and their high-net-worth individual clients requiring high-frequency USD disbursements to process same day value settlements for beneficiaries within the J.P. Morgan Payments network.
The solution also eliminates traditional cut-off time constraints, enhances liquidity management and operates 365 days a year. This can empower end customers to optimise their cash flows and manage their payment obligations with greater flexibility.
Ali Abdulkarim, Group Chief Executive – Corporate and Commercial Banking at NBB, said: “Leveraging Wire 365 highlights our forward-thinking approach, which aims to augment advanced technology in banking operations to deliver tangible value to institutions and organisations. By providing year-round access to USD clearing, we are streamlining cross-border operations with efficient and reliable solutions that meet the requirements of a fast-evolving and interconnected market. The initiative further strengthens our position as a reliable corporate banking partner.”
Aqeel Ghaith, Chief Corporate & Institutional Banking Officer at BisB, added: “The use of Wire 365 reflects our commitment to strengthening our cross-border payment capabilities. By offering extended USD clearing, we are strengthening our value proposition to high-value clientele who require uninterrupted overseas payment services.”
Gayathri Vasudev, Global Head of Cross-Currency and Global Clearing Payments at J.P. Morgan Payments, stated: “We are pleased to see NBB Group is using the Wire 365 solution to address a critical industry need for Always-on processing of USD payments. As global demand for immediate settlements grows, the ability to process transactions without time restrictions is a game-changer for financial institutions and corporates worldwide. The beauty of this solution is that it allows the NBB to leverage all the rich functionality of J.P. Morgan Payments’ USD clearing while allowing weekend processing.”
J.P. Morgan Payments combines treasury services, trade & working capital, card and merchant services capabilities to help clients pay customers or employees, in different currencies, around the world. It processes more than $10 trillion payments daily, operating in over 200 countries and territories in over 120 currencies.
NBB Group remains committed to delivering innovative experiences that enhance financial accessibility and efficiency for its diverse customer base. The introduction of Wire 365 is a significant milestone in modernising correspondent banking services, setting a new standard for frictionless USD funds processing in the Kingdom’s financial sector. - TradeArabia News Service
