First Abu Dhabi Bank (FAB) has enhanced regional cross-border payments capabilities by going live with the Arab Monetary Fund’s Buna system.
Buna is a state-of-the-art payment platform that provides clearing and settlement services across the Arab region in multiple currencies. It offers faster and safer cross-border payment solutions aligned with international standards and principles. Payments are settled in real time as the remitter and beneficiary banks are direct platform participants.
Sanjay Sethi, SMD and head of Global Transaction Banking of FAB, said: “FAB joining the Buna platform underlines our commitment to spearhead and support strategic initiatives that enhance the region’s payments infrastructure and support cross-border trade. Buna offers customers an instant experience underpinned by additional layers of safety and security. We would like to thank the respective teams at the AMF and the Central Bank of the UAE for their tireless work to support the adoption of Buna and enhance cross border payments in the region. FAB looks forward to leveraging the system’s full potential as new functions are rolled out in the future.”
Mehdi Manaa, CEO of Buna, said: “We are pleased to welcome First Abu Dhabi Bank in Buna’s network of participants and as a partner in our journey to enhance cross-border payments at regional and global level by reducing costs and increasing speed, accessibility and transparency, in line with the G20 roadmap for enhancing cross-border payments. We are convinced that First Abu Dhabi Bank will be an important contributor to these objectives and we look forward to cooperating with the bank’s leadership to achieve them jointly. In addition, we will continue collaborating with the banking community in the UAE, the Arab region and beyond to further progress on the execution of Buna strategic mission to unlock opportunities that empower Arab economies and enrich trade relationships with their partners. At this occasion, I would also like to thank the Central Bank of the United Arab Emirates for its sponsorship and continuous support to Buna.”
FAB completed its first Buna transaction in Egyptian pounds and will participate in other currencies offered by the system.
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