“A drive through Buna’s onboarding process”

The Arab Monetary Fund (AMF) holds a virtual workshop on the onboarding process to Join Buna payment system

More than 200 senior officials will attend the workshop, representing central banks and a wide spectrum of regional and global financial institutions

Abu Dhabi, 11 November 2021: The Arab Monetary Fund (AMF) holds today, Thursday November 11, 2021, a special workshop to elaborate on the different phases of the participants onboarding to Buna (the cross-border and multi-currency payment system owned by the AMF) beginning from the enrolment and sign-up processes to reach the implementation and training stage until becoming a full member of Buna’s network. 

During this workshop, Buna’s team will cover the different steps of the onboarding journey, sharing with the audience their experience in supporting Buna’s participants to join the payment system and execute cross-border transactions in Arab and international currencies.

The Buna team will present a comprehensive roadmap for the realization of a successful onboarding process in a short timeframe and seamless integration, building on Buna’s ability to easily connect the wide network of institutions operating in the Arab region and beyond.  

The workshop will host more than 200 senior officials representing Arab and international central banks, along with various institutions from the financial, banking and payment sectors in the region and beyond, seeking valuable information about Buna.

At this occasion, Mehdi Manaa, Chief Executive Officer of Buna said: “Buna’s ability to deliver an agile and advanced onboarding process to build and grow its network of participants is key in the realization of Buna plans to offer very high level of reachability at a regional and global level.”

Mehdi added: “The momentum that we are currently seeing in the growth and expansion of our network of participants, is not only a proof of our system acceptance, but also a motivation to always improve and build on the lessons we learn through our daily interaction with the users.  We believe that collaboration is instrumental to achieve growth in the payment and financial sector in the Arab region and contribute to increased efficiency of cross-border payment at global level.”

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, cost- effective, risk-controlled, and transparent environment. Buna offers participants modern payment solutions that comply with international standards, principles, and compliance requirements. Thanks to its cross-border payment system Buna contributes to exploring and strengthening opportunities for economic and financial integration in the Arab region and supporting investment ties with the global trading partners. Buna welcomes the inclusion of all banks that meet the criteria and conditions for participation, primarily the standards and procedures of compliance aspects.