Abu Dhabi Commercial Bank (ADCB) has joined the Arab Monetary Fund’s (AMF) Buna system to give its clients an expanded regional cross-border payments system. This is a part of the bank’s digital transformation agenda.
Buna is a cutting-edge cross-border payments platform for the Arab area that enables financial institutions and central banks to make and receive multicurrency cross-border payments in a secure, cost-effective, risk-controlled, and transparent way. The Buna platform was initially announced in 2017, with the purpose of empowering economies in the area and promoting regional integration by encouraging the use of Arab currencies in cross-border settlement and clearance operations. Its technology platform became live in February 2020.
Customers of ADCB will benefit from lower payment costs via safe and secure channels, real-time payments in numerous currencies, and a best-in-class secure payments infrastructure that complies with the highest worldwide cyber-security standards. The platform also improves governance and transparency by increasing Central Bank monitoring and implementing effective reporting and compliance processes.
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.”
ADCB, guided by an ambitious goal, continues to improve its digital channels while investing in longer-term projects that reinvent the future customer experience.
A workshop organised on June 16 brought together high-level guest speakers representing First Abu Dhabi Bank (FAB), Bank Muscat, and Bank of Africa. They shared with the audience their firsthand expertise and experience with Buna’s cross-border and multicurrency payment services.
At this occasion, Mehdi Manaa, Chief Executive Officer of Buna said: “Buna is moving ahead. While we continue enlarging our network of participants, we enrich our services in parallel. In this context, we are always seeking efficient collaboration with our participants, to deliver innovative payment solutions that can make cross-border payment safer, quicker, and less costly.”
