Under the terms of this MoU, Visa and Buna (The Regional Payment Platform owned by the AMF), will set the foundation for mutual beneficial interoperability and a solid partnership that aims to enable additional rails of money transfer across the two systems, supporting the growth and efficiency of cross-border payments between the Arab region and the rest of the world.
Buna and Visa will collaborate to offer their network of participants and member banks respectively, secure channels to execute cross-border payments in Arab and International currencies, enabling diversified pay out options.
Buna is a cross-border payment system owned by the Arab Monetary Fund, aiming to enable financial institutions and central banks in the Arab region and beyond to send and receive payments in local currencies as well as key international currencies in a safe, risk-controlled environment. Buna offers participants modern payment solutions that comply with international standards, principles, and compliance requirements.
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