Bahrain’s BENEFIT inks MoU with Buna to facilitate cross-border payments

Bahrain’s BENEFIT inks MoU with Buna to facilitate cross-border payments

BENEFIT, the operator of the national electronic payment systems in Bahrain, has entered into a partnership with the Arab payment system Buna in order to establish a framework of cooperation.

The MoU aims to create cross-border instant payments interoperability between the Kingdom of Bahrain and other markets.

This joint venture aims to simplify the flow of cross-border payments between the Kingdom of Bahrain as well as the Arab world and reinforce various use cases such as consumer remittances and digital commerce.

The intended solution will spread the benefits of cross-border instant payments to citizens and corporates, strengthening economic ties within the Arab world, and unlocking opportunities for greater economic integration.

“Under the terms of this MoU, Buna, and BENEFIT target to interlink their payment services, Buna and Bahrain electronic transfer services, aiming to consequently connect to a wide network of multiple instant payments services through cutting edge systems that facilitate the transfer of cross-border payments instantly, at all times, and by correspondingly following the highest international compliance standards,” according to the statement.

Mehdi Manaa

CEO – Buna “This key collaboration with BENEFIT reinforces Buna’s adherence to progress further in the creation of a strategic hub that connects the different national instant payment systems from the Arab