SABB joins Arab Monetary Fund’s Buna payment system

By Leandra Monteiro

The Saudi British Bank (SABB) announced joining Buna, the Arab payment system operated by Arab Regional Payments Clearing and Settlement Organization (ARPCSO), a subsidiary of the Arab Monetary Fund (AMF), as part of its commitment to provide the best solutions to improve customers’ experience. This will enable them to send and receive cross-border multicurrency payments in a safe, cost-effective, risk-controlled and transparent manner.

Buna is the first regional system specialised in providing clearing and settlement services for payments in multiple currencies across 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, Chief Executive Officer of Corporate and Institutional Banking at SABB, commented, “We are proud to have joined Buna platform, as this partnership aligns with the bank’s plans for digital transformation, providing the latest banking payment solutions that comply with international standards and principles, and achieving 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 through encouraging such projects, which play an important role in stimulating economic and financial growth in the Kingdom and the region as a whole,” he added.

Mehdi Manaa, Chief Executive Officer of Buna, said, ‘’We are pleased to welcome Saudi British Bank as participant in Buna. We will be happy to continue collaborating with SABB on enhancing cross border payments in compliance 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. At this occasion, I would also like to thank the Saudi Central Bank (SAMA) for its continuous support to Buna.”