Invest Bank launches multi-currency payment service via Buna platform
By Leandra Monteiro
Sharjah-based Invest Bank announced the launching of multi-currency payment service via the Buna platform as part of its commitment to providing means to improve customer experience. The step also aims to enhance its role in developing the regional cross-border payments sector.
Buna, The Arab Regional Payments Clearing and Settlement Organization, is a centralised cross-border payment system owned by the Arab Monetary Fund. The Buna platform is an integrated system that provides clearing and settlement services for payments in multiple currencies in the Arab region. The settlement of payments is done instantly for transfers to beneficiary banks participating in the platform.
Ahmad Mohamed Abu Eideh, Chief Executive Officer of Invest Bank commented, “We are pleased to work with the Arab Monetary Fund on this initiative, as we at Invest Bank are always seeking to confirm our commitment to the United Arab Emirates by promoting such initiatives, which have a great role in stimulating economic and financial growth in the Arab region.”
Mehdi Manaa, Chief Executive Officer of the Buna Arab Payments Platform added, “We are pleased to welcome Invest Bank in Buna’s network of participants. We look forward to continuing the collaboration with Invest bank to develop innovative payment solutions for corporates and individuals based on Buna’s services to process fast and safe cross-border payments in multi-currencies. 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.”
IBSi Daily News Analysis
September 28, 2023
Arab Monetary Fund
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