The Arab Monetary Fund (AMF) holds a virtual workshop to discuss the views of global card schemes on Buna payment system

04-03-2021

The workshop will also discuss the payment flows of the US Dollar through Buna

 

Industry Experts representing Visa Inc, MasterCard, and UnionPay will share valuable insights on cross-border payments transformational role

More than 200 senior officials will attend, representing central banks and a wide spectrum of financial institutions from the region and beyond

 

Abu Dhabi, 04 March 2021: The Arab Monetary Fund (AMF) holds today, Thursday March 4, 2021, a workshop to explore the views of global card schemes on cross-border payments as a driver to regional and global economic growth. In addition they will share their perception of how Buna (the cross-border payment system owned by the AMF) can play a key role in streamlining cross-border payments by acting as a bridge between the Arab region and the rest of the world. The workshop will also discuss different operational perspectives related to the payment flows in US Dollar through the Buna payment system, following the inclusion of the US Dollar as a settlement currency in Buna.

Industry Experts representing Visa, MasterCard, and UnionPay will share valuable insights on cross-border payments transformational role and the various aspects of cooperation between the different payment channels across the globe to unlock hidden opportunities and provide innovative and customized solutions. Moreover, valuable updates related to the usage of the US Dollar as a settlement currency will be presented by Buna executive team.

The workshop will host more than 200 senior officials representing Arab and international central banks along with various institutions from the financial, banking and payment sectors from the region and beyond, seeking for valuable information about Buna’s recent developments and future plans.

At this occasion, Mehdi Manaa, Chief Executive Officer of Buna said: “Buna’s payment system is designed to offer a diversified pool of cross-border payment services and innovative solutions that caters for the various needs of the region and different economic sectors. To strengthen our value proposition and provide additional payment instruments that can demonstrate the international dimension of Buna, we pursue our efforts to cooperate and build interoperability with leading players in the payment industry setting a fruitful cross-border connection between Buna and a diversified network of payment schemes and channels.”

Mehdi added: “Buna has previously announced full readiness to provide its growing network of participants with the capacity to execute cross-border payments in US Dollar in cooperation with JP Morgan, as the Buna’s settlement bank for the US Dollar. During this workshop, we will be marking the smooth process that will enable participant banks to send and receive payments in US Dollar through their Buna account in an efficient, compliant, safe and cost-effective method.”

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.

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