IndusInd Bank has entered into a partnership with JP Morgan Payments to expand outgoing money transfer services to 123 currencies. This will allow clients to transfer funds directly in the recipient's local currency, minimizing the need for intermediate currency conversions.
The partnership will utilize the Xpedite solution from JP Morgan Payments. This solution leverages a global payment network and automated exchange rate channels, which helps optimize cross-border operations and increase settlement efficiency.
Currently, the service is available to clients through IndusInd Bank branches. The bank intends to extend this capability to its internet and mobile platforms so that clients can initiate outgoing transfers around the clock.
Ganesh Sankaran, CEO of IndusInd Bank, noted that through the collaboration with JP Morgan Payments, the bank is strengthening its capabilities in cross-border payments, expanding access to 123 currencies, and ensuring direct settlements in local currency.
Guhaprasad Rajagopal, Head of India Payments at JP Morgan Payments, stated that this interaction will combine J.P. Morgan's global payment platform with local expertise to ensure faster and more secure cross-border transactions.
According to the company, JP Morgan Payments processes nearly $12 trillion in payments daily and conducts operations in over 160 countries and more than 120 currencies.


