At the occasion of Buna’s preparation to launch its instant payment services

The Arab Monetary Fund (AMF) holds a virtual workshop to elaborate on instant payment implementation at regional and global level

The workshop is hosting guest speakers from the European Central Bank, Bank of Italy, Swift and senior managers representing instant payment operators and several commercial banks

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

Abu Dhabi, 29 July 2021: The Arab Monetary Fund (AMF) holds today, Thursday July 29, 2021, a workshop to explore and discuss the status and recent developments related to instant payment activities in international markets and the Arab region. 

The workshop comes in line with Buna (the cross-border payment system owned by the AMF) preparations to launch its instant payment settlement solution, adding another innovative component and a wider dimension to its diversified list of cross-border payment services.

During this workshop, guest speakers representing the European Central Bank (ECB), Bank of Italy (Banca d’Italia), SWIFT, Egyptian Banks Company for Technological Advancement (EBC), Jordan Payments & Clearing Company (JoPACC), Benefit Company, Mashreq Bank, Jordan Ahli Bank and Bank Albilad, will share their experience in instant payment implementation in their respective markets and shed light on the operational and economic benefits resulting from the adoption of this modern market infrastructure service.  

The workshop will host more than 200 senior officials representing central banks, along with various institutions from the financial, banking and payment sectors in the region and beyond, seeking valuable information about this important topic and following on Buna’s recent plans and developments.

At this occasion, Mehdi Manaa, Chief Executive Officer of Buna said: “Launching instant payment settlement services represents another strategic milestone in Buna’s roadmap and reflects our vision to cover the future needs of the banking sector. We strongly believe that instant payment is a transformative element in the payment landscape and therefore, we made sure to include this innovative solution in Buna’s payment system. Our instant payment capacity is driven by our focus to promote cross-border transactions and we aim at providing this service with the same efficient, accessible, easy, safe and risk-controlled payment process as for the Real Time Gross Settlement (RTGS) that we are currently offering to our growing network of participants through Buna.”  

Mehdi added: “We believe that collaboration with the banking and payment community is key to realize the success and wide coverage of Buna’s instant payment services. Hence, we are working closely with our partners from the region and beyond to implement a robust and innovative model of cross-border instant payment, that can add value to the different stakeholders in the payment ecosystem.”

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.