March 16 , 2022
The workshop is hosting the leaders of NPCI International Payments Limited (NIPL) and the Jordan Payments and Clearing Company (JoPACC)
The workshop will also elaborate on the role of the ISO 20022 message standard in facilitating interoperability between payment services
More than 200 senior officials will attend the workshop, representing central banks and a wide spectrum of regional and global financial institutions
Abu Dhabi, 16 March 2022: The Arab Monetary Fund (AMF) holds on Thursday, March 17, 2022, a workshop to elaborate on Buna (the cross-border payment system owned by the AMF) plans to establish strategic partnerships that will lead to interoperability between Buna and other national and regional payment systems in the Arab region and in other global markets. The workshop will also discuss the importance of message standards in supporting interoperability between payment services.
This workshop will host the CEO of International Payments Limited (NIPL), the international arm of National Payments Corporation of India (NPCI), and the CEO of the Jordan Payments and Clearing Company (JoPACC), the operator of the national payment system of Jordan.
During this workshop, the leaders of NIPL and JoPACC, will talk about their collaboration with Buna to connect their instant payment solutions with the Buna instant payment services and offer their participants a safe and efficient payment rails to send and receive payments instantly.
Additionally, Buna’s team will elaborate on the role of the “ISO 20022” message standard in supporting interoperability and mitigating the challenges of payment flow between financial institutions.
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 on Buna’s recent plans and developments.
At this occasion, Mehdi Manaa, Chief Executive Officer of Buna said: “Buna aims at playing a strategic role as a hub connecting the different national instant payment solutions in the Arab region and achieving interoperability with national and regional payment systems from around the globe. We are spreading the benefits of cross-border payments to citizens and corporates in the Arab world and beyond.”
Mehdi added: “Buna adopts international messaging standards and supports both the ISO 150022 and ISO 20022, including the conversion between the two formats to support smooth migration to ISO 20022. We highlight the importance of this new standard in enhancing the flow of payments and connecting payments services, and we collaborate with our participants to support them in their preparation to adopt it.”
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.
February 23 , 2022
April 14 , 2022
