Buna, owned by Arab Monetary Fund, to launch additional solutions

Tuesday 30 March 2021 14:49 CET | News

Buna, the cross-border and multi-currency payment system owned by the Arab Monetary Fund, has announced plans to launch instant payments, in addition to other solutions.

Amongst its other offerings, Buna will be providing trade finance solutions, securities settlement, and ATM/ POS processing service, at a later stage. This growing list of solutions will complement Buna’s current offering of multi-currency cross-border interbank payments, commercial payments, and consumer remittances. 

The platform has onboarded four currencies, including the USD, since its launch 12 months ago by the Arab Monetary Fund (AMF). There are also plans to onboard the EUR and other currencies. So far, approximately 90 banks from the Arab region are being onboarded out of more than 130 that are in various stages of preparation. 

Buna was launched and created as a regional payments market infrastructure that aims to deliver payment solutions, and can cater to the needs of financial institutions and their diversified client base in the region and beyond, without any geographical or technical barriers. In doing this, Buna is working closely with SWIFT.

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: cross-border payments, trade finance, payment methods, SWIFT
Categories: Banking & Fintech
Countries: World
This article is part of category

Banking & Fintech