Buna has been natively ISO 20022 compliant and welcomes this additional level of harmonization that will support its interlinking initiatives and smoother cross-border payment
Abu Dhabi, October 27, 2023: Buna, the cross-border payment system operated by Arab Regional Payments Clearing and Settlement Organization “ARPCSO”, which is owned by the Arab Monetary Fund, welcomes the recent publication of the report by the Committee on Payments and Market Infrastructures (CPMI) regarding harmonized ISO 20022 data requirements for cross-border payments that will facilitate global collaboration to enhance cross-border payments.
Since its inception, Buna adopted ISO 20022 messaging standard and initiated different interlinking initiatives supporting its objectives of enhancing cross-border payments and strengthening the economic ties between the Arab region and its main global partners. The adoption of the 12 harmonized ISO 20022 data requirements published by the CPMI will facilitate Buna’s ambition as the harmonization is expected to reduce the inefficiencies that occur due to misaligned message flows and inconsistent data usage along the cross-border payment chain.
On this occasion, Mehdi Manaa, Chief Executive Officer of Buna said: “At Buna we are convinced by the value of adopting standards and harmonizing their usage to enhance cross-border payments. We are committed not only to align fully with this harmonization, but also to promote its adoption by our partners in the different interlinking initiatives that we have initiated.”