January 13 , 2022
The workshop will also address the means to mitigate counterparty risk in a payment ecosystem
More than 200 senior officials will attend the workshop, representing central banks and a wide spectrum of regional and global financial institutions
Abu Dhabi, 13 January 2022: The Arab Monetary Fund (AMF) holds today, Thursday, January 13, 2022, a workshop to reinforce Buna’s (the cross-border payment system owned by the AMF) cooperation with its network of participants and secure smooth and efficient connectivity to the new Instant Payment Service (IPS). Additionally, the workshop will elaborate on the tools and means to mitigate counterparty risk in a payment ecosystem.
During this workshop, Buna and SWIFT will share in detail the different steps that the participant banks in Buna need to follow to be prepared to use Buna’s cross-border instant payment services and benefit from this advanced payment solution. At the same occasion, Buna compliance team will share its experience on different approaches to mitigate counterparty risk. 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 is moving forward with its strategic plan to enable its cross-border instant payment services. We are working closely with SWIFT to provide the required support to facilitate and accelerate the onboarding of our participant and their adoption of this innovative solution. Following our recent experiment to interconnect the Target Instant Payment Settlement (TIPS) and Buna IPS, we continue pushing the frontiers of Instant Payment and bring to operation at cross border level. We will make sure that our community is ready to embrace this modern payment instrument and benefit from the efficiency and the value added it brings.
Mehdi added: “Mitigating counterparty risk is a critical aspect in a payment ecosystem. With its investments in implementing a strong compliance program and thanks to its close and continuous dialogue with the regulators from the Arab region and beyond, Buna is offering to its participant an environment where risks are limited and easier to control.”
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.
December 13 , 2021
February 17 , 2022
