“Arab Cash”: The full operation of the “Bunaa” payment platform begins
Thursday 31 December 2020 51
Abu Dhabi: Follow up
The Arab Monetary Fund (AMF) announced the start of the full operation of the “Buna” platform for Arab payments, which is affiliated with the Regional Corporation for Clearing and Settlement of Arab Payments owned by the Fund.
The Director General and Chairman of the Board of Directors of the Arab Monetary Fund, Dr. Abdulrahman bin Abdullah Al-Hamidi, said: “We are proud and happy to announce that the Buna Payment Platform system is now operating at full capacity, and is able to provide clearing and settlement services for cross-border payments in international and Arab currencies that meet the eligibility requirements and at the time. Actual.
He added, "The success of the first payment process constitutes strong evidence of our commitment to follow our plan despite the difficult circumstances and unprecedented challenges at the global level, and it also constitutes an additional confirmation of the ability of the Bana platform to carry out its operational activity within the specified requirements and in accordance with international standards and principles."
His Excellency added, “This success would not have been possible without the continued support of Arab central banks.
In conjunction with our continuous endeavor to continue expanding our network of participating banks and settlement currencies, our focus will always be on providing modern payment solutions throughout the Arab region and beyond, in line with international standards and principles and international compliance requirements.”
In his turn, Banque Misr Board Chairman Mohamed Al-Atribi commented: “Based on Banque Misr's pioneering position and the bank’s constant keenness to support efforts to create an Arab payment platform, the bank welcomes its being part of the Bunna Arab Payments platform, which is the first regional payment system that links financial infrastructures. The main trading partners of the Arab world.
On his part, CEO of Mashreq Bank, Ahmed Abdel Aal, said: “Mashreq Bank commends the vision of the Arab Monetary Fund for launching the“ Buna ”Arab Payments platform to achieve a pivotal change in the reality of the payments industry in the Arab region.
"These features would enhance the level of harmonization and standardization, thus contributing to expanding coverage at the global level and making cross-border payments more rapid and safer," he stressed.
The "Buna" Arab Payments platform is expecting more than 120 banks to join its network of participating banks.
It is working to expand the list of Arab currencies and international currencies that meet the eligibility requirements, and to achieve its vision to empower Arab economies and enhance regional financial integration by encouraging the use of Arab currencies in clearing. And settlement of financial and investment transactions across borders, and linking with the main trading partners of Arab countries.