The workshop is hosting speakers from the Bank of Italy, Visa and the Pan African Payment and Settlement System
More than 200 senior officials will attend the workshop, representing central banks and a wide spectrum of regional and global financial institutions
Abu Dhabi, 14 October 2021: The Arab Monetary Fund (AMF) holds today, Thursday October 14, 2021, a workshop to elaborate on Buna’s (the cross-border payment system owned by the AMF) different initiatives to push the frontiers of cross-border payments and improve interoperability models in collaboration with operators of payment networks and market infrastructures.
During this workshop, guest speakers representing, the Bank of Italy, Visa and the Pan African Payment and Settlement system (PAPSS) will share their different experiences with Buna, and their views on the added value that strategic framework of cooperation between payment systems can bring to enhance cross-border payments across the globe.
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 recent plans and developments.
At this occasion, Mehdi Manaa, Chief Executive Officer of Buna said: “Buna continue pushing the frontiers of cross-border payment and exploring creative models of payment systems interoperability. Our successful interoperability experiment with TARGET Instant Payment Settlement (TIPS) in collaboration with the Bank of Italy, was a proof of the possibility to execute cross-border, cross-currency, cross-system payments transactions in a matter of seconds, when appropriate technology and proper frameworks of collaboration are in place.”
Mehdi added: “Building bridges with major trade partners of the Arab world, is key in delivering Buna’s vision to support the empowerment of the Arab economies and positively contribute to financial integration and support the growth of commercial and investment ties between the Arab region and the rest of the world. We previously announced our plans to set the foundation for a fruitful interoperability with payment systems in Asia and we are looking to realize the same strategic goal in Africa. We are confident that interoperability with international players in the payment landscape, is a viable tool that can support Buna ongoing efforts to broaden the coverage of its services and products and better serve the financial and payment community in the Arab region and beyond.”
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.