THE National Bank of Bahrain Group (NBB Group), which includes National Bank of Bahrain (NBB) and Bahrain Islamic Bank (BisB), announced it is the first in the Middle East and Africa (MEA) region to adopt JP Morgan Payments’ Wire 365 solution, enabling continuous access to real-time cross-border USD clearing services.
The Wire 365 solution offers financial institutions, corporations, and high-net-worth clients the ability to process same-day value settlements for beneficiaries within the JP Morgan Payments network, eliminating traditional cut-off times and enhancing liquidity management year-round. This allows end customers to optimise cash flow and manage payment obligations with greater flexibility.
“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,” said NBB Group chief executive for corporate and commercial banking Ali Abdulkarim. “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.”
Aqeel Ghaith, chief corporate and institutional banking officer at BisB, added that the move “reflects our commitment to strengthening our cross-border payment capabilities,” and “strengthens 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 JP Morgan Payments, noted that the solution addresses a “critical industry need for Always-on processing of USD payments.”
She added that the solution allows NBB to leverage JP Morgan Payments’ USD clearing functionality while enabling weekend processing.
JP Morgan Payments processes over $10 trillion in payments daily, operating in more than 200 countries and territories in over 120 currencies.
The NBB Group stated that the introduction of Wire 365 marks a significant milestone in modernising correspondent banking services and sets a new standard for frictionless USD funds processing in Bahrain’s financial sector.
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