The new IPS service, which is available 24/7/365, processes cross-border payments in a matter of seconds in multi-currency and in a cost-effective way.
Buna’s IPS benefits businesses through efficient cash management and cost reduction by leveraging a pricing model that incentivizes such use cases with very competitive fees.
Abu Dhabi, April 17, 2023: Buna (the cross-border payment system operated by Arab Regional Payments Clearing and Settlement Organization “ARPCSO”, owned by The Arab Monetary Fund “AMF”), announces the launch of its Instant Payment Service (IPS). This anticipated service is now live and ready to onboard participants seeking payments that are instant and available 24/7/365, in a cost-effective way.
The Instant Payment Service is a key enhancement to Buna’s list of products. It offers unparalleled speed, convenience, and security to its end users. With Buna's instant payment service, customers, companies, and financial institutions alike can enjoy instant and seamless cross-border payments, eliminating the traditional barriers of time, cost, and complexity. This service is designed to allow its users to send and receive payments within seconds, making it flexible and efficient enough to accommodate different needs– whether in a business to business, business to individual, or individual to individual context. It is particularly tailored for low-mid value payments that are urgent or time-sensitive.
Buna’s IPS enhances the consumer’s experience and reduces fees, which in turn adds an incremental value to financial institutions and provides a better service to their customers. Buna’s IPS also benefits businesses through efficient cash management and cost reduction by leveraging a pricing model that incentivizes such use cases with very competitive fees. That reinforces Buna’s commitment to enhancing cross-border payments and promoting greater financial inclusion in the region and beyond, by facilitating access and reducing costs.
At this occasion, Mehdi Manaa, Chief Executive Officer of Buna said: "We are excited to announce the launch of our Instant Payment Service complementing our slogan “Payment as It Should Be!” At Buna, we are committed to providing the most efficient and reliable cross-border payments solutions. This service will be a catalyst for innovation in the industry, and the source of unprecedented experience, in terms of higher speed and lower costs, for cross-border payments."