Abu Dhabi, Business News: The Arab Monetary Fund (AMF) holds, Thursday, May 12, 2022, a workshop to elaborate on Buna (the cross-border payment system owned by the AMF) progress on multiple fronts and share updates on its recent developments and future plans.
During this workshop, the Buna team will take you through the journey of Buna as a cross-border payment system that includes multiple Arab and international currencies, a growing network of participants, and different initiatives for interoperability with regional and global players in the payment industry.
Further details on Buna Instant payment services (IPS) will be highlighted during the workshop, covering aspects related to liquidity management and connectivity.
The workshop will host more than 200 senior officials representing central banks, along with various institutions from the financial, banking, and payment sectors in the region and beyond, seeking valuable information on Buna’s plans and developments.
At this occasion, Mehdi Manaa, Chief Executive Officer of Buna said: “Buna continues to progress with the realization of its plans, intensifying its role as a driver to increase the efficiency of cross-border payments in Arab and international currencies. We are cooperating with a growing network of participants and partners for interoperability initiatives to cater for the financial needs of individuals and corporates and make cross-border payment safer, quicker, and less costly.”
Mehdi added: “Buna instant payment service is a concrete proof of the added value that we bring to the payment sector. We will continue working on facilitating the adoption of this advanced payment solution and supporting our participants in reaping its benefits.”
Buna, is a cross-border payment system owned by the Arab Monetary Fund, aiming to enable financial institutions and central banks in the Arab region and beyond to send and receive payments in local currencies as well as key international currencies in a safe, cost-effective, risk-controlled, and transparent environment. Buna offers participants modern payment solutions that comply with international standards, principles, and compliance requirements. Thanks to its cross-border payment system Buna contributes to exploring and strengthening opportunities for economic and financial integration in the Arab region and supporting investment ties with the global trading partners. Buna welcomes the inclusion of all banks that meet the criteria and conditions for participation, primarily the standards and procedures of compliance aspects.
