Abu Dhabi Commercial Bank (ADCB) has joined the Arab Monetary Fund (AMF)’s Buna system to provide its customers with an enhanced regional cross-border payments system – a move that is in line with ADCB’s digital transformation strategy.
Buna is a state-of-the-art cross-border payments platform for the Arab region, which enables financial institutions and central banks to send and receive cross-border multicurrency payments in a safe, cost-effective, risk-controlled, and transparent manner.
ADCB customers will benefit from reduced costs for payments done through safe and secure channels, real-time payments in multiple currencies, and a best-in-class secure payments infrastructure that adheres to the highest global cyber-security standards. The platform also enhances levels of governance and transparency through increased oversight from the Central Banks as well as effective reporting and compliance mechanisms.
ADCB commented, “ADCB remains committed to its digital strategy and is pleased to join BUNA, a state-of-the-art payment platform that provides superior clearing and settlement services across the Arab region in multiple currencies. We would like to thank AMF and the Central Bank of the UAE for their support and look forward to working closely with our new partner to further enhance the capabilities as new functions are rolled out in the future.”
Mehdi Manaa, Chief Executive Officer of Buna, said: “We are pleased to welcome Abu Dhabi Commercial Bank (ADCB) in Buna’s network of participants and we thank ADCB for the commitment to unlock opportunities for greater economic integration within the Arab region and with major trade partners. We look forward to continuing the collaboration with ADCB to enhance cross-border payments and develop innovative payment solutions for corporates and individuals. At this occasion, I would like to also thank the Central Bank of the United Arab Emirates for its sponsorship and continuous support to Buna.”
Incorporated in the UAE and operated by the ARPCSO Arab Regional Payments Clearing and Settlement Organization, a subsidiary of the AMF, the Buna system enhances cross-border payments by processing transactions in real-time, reducing costs, and improving security by standardizing compliance and increasing transparency.
Driven by an ambitious strategy, ADCB continues to roll out new enhancements to its digital channels, while investing in longer-term projects that reimagine the future customer experience.