The Arab Monetary Fund and Visa Partner to Support Cross-Border Payments

The Arab Monetary Fund and Visa Partner to Support Cross-Border Payments

The Arab Monetary Fund (AMF), Buna and Visa have signed an MoU to collaborate over regional payments between the Arab world and the rest of the world, according to a recent statement.

The MoU makes way for a mutual interoperability between Visa and Buna, an AMF-owned regional cross-border payment platform. It also looks to add additional rails of money transfer between the two systems and offer diversified payout options as well.

Buna’s payment system allows financial institutions and central banks in the Arab region to send and receive payments in both local and select international currencies. Launched in February last year, the platform went fully live in December 2020. Banks that meet compliance standards and procedures in the country are eligible for the service.

Buna and Visa will provide channels for cross-border payment

Both Buna and Visa’s network of participants and member banks will be able to access channels for cross-border payments in Arab and international currencies.