back Back

SABB joins Arab Monetary Fund’s Buna payment system

By Leandra Monteiro

September 22, 2022

  • Arab Monetary Fund
  • Arab Payment System
  • Buna
Share

SABBThe 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.”

Previous Article

September 22, 2022

TS Imagine enhances its executive team with three key hires

Read More
Next Article

September 22, 2022

InvoiceCloud and Intellagents to provide premier payments experience to insurance ecosystems

Read More








IBSi Daily News Analysis

bahrain, islamic finance

February 22, 2024

Arab Monetary Fund

What makes Bahraini Islamic Finance industry so robust

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

Today

Nium expands Middle East presence with Enjaz Banking Services partnership

Read More

Today

TerraPay & Diamond Trust Bank to simplify global money transfers in Uganda

Read More

February 22, 2024

Kani Payments taps Pismo for data reconciliation and reporting

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q4 2023
Know More
Wealth Management & Private Banking Systems Report Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q4 2023
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023