Speaking at the workshop are representatives of the Italian Central Bank and Visa International

African Payment and Settlement   System

The workshop will host more than 200 participants from representatives of central banks, regional and global financial and banking institutions 

Today, Thursday, October 14, 2021, the Arab Monetary Fund will hold a “remote” workshop to review and discuss the multiple initiatives of the “Bunna” platform for Arab payments, affiliated with the Regional Institution for Clearing and Settlement of Arab Payments owned by the Fund, which aims to open new horizons In the cross-border payments sector and the development of innovative models in the field of interconnection, with operators of payment network and infrastructure systems worldwide.  

In the workshop, a number of senior managers representing the Central Bank of Italy (Bank of Italy) and the global company Visa and the African Payment and Settlement System (PAPS), talk about their cooperation with the “Bunna” platform for Arab payments in various fields, and their vision of the added value that can be provided to enhance payment business through borders on the world level, by setting clear strategic frameworks for cooperation between different and diverse payment systems.

More than 200 participants representing central banks, financial and banking institutions, payment services and financial services providers from the Arab region and abroad will participate in the workshop, to learn about these important and vital topics and follow up on the development of the business of the Buna platform and its future plans.

On this occasion, Mr. Mahdi Manea, CEO of the Regional Institution for Arab Payments Clearing and Settlement (Bunna Platform for Arab Payments), said: “The Buna Platform for Arab Payments continues to work on introducing new approaches and exploring more opportunities available in the field of interconnection between payment systems. The success of the experiment The first-of-its-kind joint interconnection between the Buna platform for Arab payments and the European System for the Settlement of Instant Payments (known as TIPS ), which was implemented in cooperation with the Italian Central Bank, constitutes tangible proof of the possibility of conducting cross-border instant payments settlement work within a period of time. Not exceeding seconds, in multiple currencies and through different payment systems, by using appropriate technologies and providing the right framework for joint action.”

Manea added : “Building bridges with the trading partners of the Arab world constitutes a key element of the Buna vision to empower Arab economies and contribute positively to supporting financial integration, business development and investment links between the Arab region and international markets . We have previously announced our plans to develop Solid foundations for effective interconnection with payment systems in a number of Asian markets, and we look forward to achieving the same strategic goal at the level of the African continent.We are confident that interconnection with networks of leading international institutions operating in the payments sector, is a vital tool capable of supporting the ongoing efforts of the platform Buna for Arab Payments to enhance opportunities for the dissemination of its services and products, and to develop its ability to keep pace with the needs of the financial and payments sector in the Arab region and at the international level.

It is worth noting that the “Buna” platform constitutes an integrated system specialized in providing clearing and settlement services for payments in Arab and international currencies, aimed at enabling financial and banking institutions in the Arab region and beyond, including central and commercial banks, to send and receive inter-payments throughout the Arab region and abroad in a safe, reliable, affordable and highly effective manner. Buna offers participants state-of-the-art payment solutions that comply with international standards and principles and international compliance requirements. “Buna” contributes to enhancing opportunities for economic and financial integration in the Arab region and supporting investment links with trading partners in various continents. It is noteworthy that participation in the platform is available to all banks and financial institutions that meet the criteria and conditions for participation in it, foremost of which are the standards and procedures for compliance aspects.

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