SABB joins the Buna payment system of the Arab Monetary Fund
Saudi Arabia – Saudi British Bank (SABB) has joined Buna, the Arabic payment system operated by the Arab Regional Payments Clearing and Settlement Organization (ARPCSO), a subsidiary of the Arab Monetary Fund (AMF), as part of of its commitment to providing the best innovative solutions to improve the customer experience.
This will enable them to send and receive cross-border multi-currency payments in a safe, cost-effective, risk-controlled and transparent manner.
Buna is the first regional system specializing in the provision of clearing and settlement services for payments in multiple currencies in the Arab region, which provides modern payment solutions that comply with international standards, principles and compliance requirements. The system aims to increase opportunities for economic and financial integration in the region, in addition to strengthening investment relations with trading partners.
Yasser Al-Barrak, Managing Director of Corporate and Institutional Banking at SABB, said: “We are proud to have joined the ‘Buna’ platform, as this partnership aligns with the bank’s digital transformation plans, providing the latest bank payment solutions that comply with international standards and principles, and achieve excellence in payment operations in the region by leveraging the latest and most secure technologies.
“SABB’s commitment to the Kingdom’s Vision 2030 is reinforced by encouraging such projects, which play an important role in stimulating the economic and financial growth of the Kingdom and the region as a whole.” he added.
Mehdi Manaa, Managing Director of Buna, said: “We are delighted to welcome Saudi British Bank as a participant in Buna. We look forward to continuing to work with SABB to improve cross-border payments in line with global standards and international best practices. With more banks joining Buna from different countries, we are enriching our network and realizing our vision to empower economies and strengthen integration within the Arab world. On this occasion, I would also like to thank the Central Bank of Saudi Arabia (SAMA) for its continued support to Buna. »
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