Buna holds its 35th virtual workshop to share cross-functional updates related to Technology, Operations, and Compliance

The workshop will shed light on key capabilities and live experiences that are of interest to Buna’s banking community  

More than 200 senior officials will attend the workshop, representing central banks and a wide spectrum of regional and global financial institutions

Abu Dhabi, 11th August 2022: Buna, the cross-border payment system owned by the AMF, holds today a workshop to shed light on several key capabilities and live experiences that are of interest to Buna’s banking community, namely an overview on its Application Programming Interface (API), Buna’s plans for extending its operating window, and various compliance aspects including sharing live experiences and findings.

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.

The workshop will showcase the mechanisms and advantages for participants to utilize Buna APIs and avail the full set of system features. Also during this workshop, the Buna team will  share the gradual approach to  extend the Buna operational window towards 24x7, to maximize the value for the participants. Finally, the workshop will cover a number of compliance topics, including sharing live findings from Buna’s transaction monitoring function, and shedding light on the importance of quality data and ISO20022 in having effective compliance program.

At this occasion, Mehdi Manaa, Chief Executive Officer of Buna said: “as a payment system that was implemented to reinforce the position of banks in the cross-border payment industry, Buna is keeping its participants abreast with all the experiences, developments, and capabilities that will support them in maximizing value during their journey to enhance cross-border payments to their clients”.

Mehdi added “Whether the participant is looking to take advantage of the full technological capabilities of Buna to achieve maximum efficiency, leverage the extended operating windows to offer enriched experiences, or receive insights about the live compliance findings to continue improving risk control, this edition of our monthly workshops will address all these needs and share hands-on experiences and concrete plans.”   

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.