Successful launch of cross-border payments of Iraqi pensioners’ salaries using “Buna” - First transaction in Jordanian Dinar

Buna, the cross-border payment system operated by Arab Regional Payments Clearing and Settlement Organization “ARPCSO”, owned by the Arab Monetary Fund, announced the success of the first cross-border payment for the pensions of Iraqi retirees residing in the Hashemite Kingdom of Jordan. The transaction also represented the first transfer In Jordanian dinars utilizing the Buna system. The transaction took place in Jordanian dinar between the National Bank of Iraq and Capital Bank through Buna, which provides real-time cross-border payment services in a safe way and in accordance with international standards, best global practices, and aligning with the G20 agenda to improve cross-border payments. This transaction comes following the announcement of this initiative in December 2022. It reaffirms Buna's position in supporting greater financial integration in the Arab region and its ability to provide enhanced experience to the users. The initiative also marks the beginning of settlement operations in the Jordanian dinar and reinforces the use of Arab currencies in cross-border payments. In this context, it is expected that pension payment transactions for Iraqi pensioners residing in the Hashemite Kingdom of Jordan will increase in the upcoming months with 2 :اإللكتروني الموقع [email protected] :اإللكتروني البريد. م.ع.أ، ظبي أبو، 2818 :ب.ص+ 971 2 6391255 :فاكس+ 971 2 4919371 :هاتف Tel: +971 2 4919371 Fax:+971 2 6391255 P.O. Box: 2818, Abu Dhabi, UAE E-mail: [email protected] Website: more banks finalizing their readiness in the two countries. This also paves the way for transactions for Iraqi pensioners residing in the Arab Republic of Egypt, in the Egyptian pound currency. At this occasion, Mehdi Manaa, Chief Executive Officer of Buna said: “We are very happy with the launch of Iraqi pensioners’ payments and the activation of the Jordanian dinar as a settlement currency through Buna. These achievements are an affirmation of the confidence of the Central Banks of Iraq and Jordan in the Buna system. They also highlight our role in supporting the development of Arab economies, and in enhancing cross-border payments, to become the platform of choice for instant payment in the Arab region and beyond.

Similar Announcements

April 17 , 2023

Buna Launches its Instant Payment Service (IPS)