Buna launches a new service establishing a more accessible and more secure foreign exchange (FX) market
The new service provides financial institutions participating in Buna with an open marketplace to make FX deals directly between each other and enables safe and secure settlement of the resulting transactions in Buna.
Abu Dhabi, May 10th, 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 service supporting a more accessible and more secure foreign exchange (FX) market.
The new service offers an open and modern marketplace for FX, where participants in the Buna system can benefit from a modern set of APIs to exchange information and agree on the terms of their FX deals directly between each other, without the involvement of Buna or any other intermediary in these deals.
The processing of the resulting transactions is then done immediately in a safe and secure way by using the Payment versus Payment (PvP) mechanism, which ensures that settlement in one currency occurs if and only if the settlement of the other currency occurs simultaneously.