About

Headquartered in Dhaka, Bangladesh, BRAC Bank PLC (BRAC Bank) provides banking services across retail, small and medium enterprises (SMEs), and corporate segments, with a focus on promoting financial inclusion. Inspired by its parent NGO, BRAC, the bank is dedicated to supporting underserved communities and small business entrepreneurs.¹

As a key player in Bangladesh’s banking sector, BRAC Bank is also instrumental in channeling inbound remittances that contribute significantly to national GDP.

The challenge

BRAC Bank faced a mismatch between global and local processing windows. While Sunday is a working day in Bangladesh, USD clearing was unavailable—reducing the effective cross-border settlement window to four days per week. This impacted liquidity, customer experience and the ability to process time-sensitive payments. This gap created bottlenecks for treasury operations, leading to delayed reconciliation and increased reliance on manual intervention.

Additionally, Bangladesh is a top remittance-receiving country, but BRAC Bank was limited in the number of foreign currencies it could receive.² This created friction for non-resident Bangladeshis (NRBs) seeking to send funds home in local denominations, limiting reach and value. This lack of currency diversity in BRAC’s receiving capabilities restricted its strategic expansion across new remittance corridors.

The solution

Wire 365: The J.P. Morgan cross-currency clearing solution enables near-real-time USD settlements 365 days a year—including weekends and holidays, optimizing liquidity even outside traditional hours and enabling enhanced client support aligned to the local workweek. This always-on capability reduces friction for high-priority payments and supports intra-day cash positioning across the institution.

Xpedite Receipt: Supported by J.P. Morgan FX capabilities and global infrastructure, this institutional solution allows BRAC to receive payments in 40 currencies.³ NRBs can now send funds in their local currency, which J.P. Morgan converts and credits directly to BRAC accounts. This flexibility helps BRAC build trust and loyalty among overseas customers by accommodating localized payment preferences.

The results

With access to over 4,000 institutions across the J.P. Morgan network—and leveraging a 67.7% book transfer rate and 99.5% STP—BRAC Bank now executes same-day payments, including on weekends.^3,4

As noted by BRAC Bank, transfers previously delayed by up to 72 hours are now processed in minutes, improving speed, transparency and the customer experience.⁴ Liquidity is streamlined across branches, and BRAC is better positioned to serve NRBs with more currency options and competitive FX rates.

With support from J.P. Morgan, BRAC Bank is advancing its core mission of financial inclusion by increasing access to essential banking services and supporting underserved entrepreneurs throughout Bangladesh.

Wire 365 and Xpedite Receipt have transformed BRAC Bank’s cross-border payment capabilities, enabling near-real-time USD settlements and broadening inbound currency options. These solutions not only streamline treasury operations, but also empower BRAC Bank to deliver on its commitment to financial inclusion and remittance innovation.

Discover how payments can power your business in Bangladesh and the broader Asia-Pacific region with our expert local team.