Following this announcement, the collaboration is expected to leverage JP Morgan’s ‘Xpedite Auto’ solution, which leverages artificial intelligence (AI) in order to improve payment processing, reduce transaction times, and optimise costs for international transactions.
In addition, the system automates complex processes to facilitate faster and more secure cross-border transactions. Both companies will continue to focus on meeting the needs, preferences, and demands of clients and users in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the industry as well.
More information on the BBK x JP Morgan partnership
The collaboration between JP Morgan Chase Bank and the Bank of Bahrain and Kuwait will mark a significant step in the overall evolution of cross-border payments in the region. At the same time, by leveraging artificial intelligence, the partnership aims to improve the manner in which money moves across borders, as well as offer clients a faster, more reliable, and cost-effective service.
In addition, the solution is expected to launch in the following months, with multiple plans for future expansion to additional markets and currencies. The strategy will also focus on allowing JP Morgan to extend its overall expertise in payment solutions to the Bank of Bahrain and Kuwait’s network and client base. At the same time, the companies will prioritise the process of accelerating the development of the overall payment landscape, while also focusing on offering customers a secure, improved, and efficient payment experience.
