The Arab Monetary Fund Launches Buna Payment Platform
Abu Dhabi, United Arab Emirates, February 23, 2020. The Arab Monetary Fund (AMF) launched a regional payment platform Buna that enables regional financial institutions to send and receive cross-border payments across the Arab region and beyond in Arab currencies, as well as key international currencies, in an efficient, cost-effective, risk-controlled, and transparent environment.
The platform comes as a culmination of months of planning and collaboration with global and regional stakeholders and provides members with modern payment platform compliant with international standards, according to AMF.
The Buna system is based on CMA’s RTS/X product installed in dozens of Central banks around the world. CMA took part in the Buna project as a partner of DXC company.