Buna is a cross-border and multi-currency payment system founded by the Arab Monetary Fund (AMF) in 2018. Buna was created in execution of the Council of Governors of the Arab Central Banks and Monetary Authorities decision, to mandate the AMF to establish a cross-border payment system that supports further economic and financial integration between Arab countries and expand trade and investment activities with the global trading partners.
Built on the foundation that an efficient infrastructure for cross-border payments is essential to a solid and effective financial ecosystem, Buna enables commercial banks, central banks, and other financial institutions, in the Arab region and beyond, to send and receive payments, in Arab currencies as well as key international currencies. Buna welcomes the inclusion of all banks and other financial institutions that meet the eligibility criteria and conditions for participation, offering its participants cost-effective and real-time services through a centralized, risk-controlled, and secure platform.
Buna’s modern payment solutions comply with the highest international standards of information security and requirements against financial crime.
Buna, as a payment system, is designed in accordance with the Principles for Financial Market Infrastructures (PFMIs) issued in April 2012 by the Committee on Payment and Settlement Systems (CPMI) and the Technical Committee of the International Organization of Securities Commissions (IOSCO).
Buna is bringing tangible responses to each of the 19 building blocks and all the 5 focus areas of the G20 roadmap. By enabling payments in a safe, cost-effective, risk-controlled, and transparent environment, Buna is materially helping in solving the major four frictions in cross-border payments identified by the G20 and related to the high cost, low speed, lack of transparency, and limited access. Buna’s alignment with the G20 roadmap is tangible and recognizable in different aspects of Buna such as the real-time processing of payments, multi-currency ability, easy access, effective cost, and safe operational and compliance frameworks.
Shareholder (Sole Owner)
System Operator
Payment System
