MasterCard Inc.
11/06/2024 | Press release | Distributed by Public on 11/06/2024 00:00
Mastercard joins Buna, the Arab Regional Payment System
Press Release
Mastercard joins Buna, the Arab Regional Payment System
November 6, 2024 | Dubai, UAEThe collaboration combines Mastercard Move's money transfer capabilities and extensive network with Buna's cross-border payment system to facilitate seamless cross-border payments into and out of the MENA region.
Businesses and consumers paying into and out of the Middle East and North Africa (MENA) region will benefit from faster, cheaper and more transparent cross-border payments through a first-of-its-kind public-private collaboration between Mastercard and the Arab Regional Payment System, Buna.
The collaboration will see Mastercard join Buna's cross-border payment systems as a direct participant. The collaboration will provide a simple, efficient and practical solution to current challenges that include high costs, long wait times and lack of transparency when moving funds into and out of the MENA region. Buna's Real-Time Gross Settlement service, with its extended operating hours, and Instant Payments System's 24/7 availability offer a unique advantage for direct participants.
Key benefits of the partnership include:
• Enables financial institutions around the globe to send fast, transparent and cost-efficient payments to Buna participants via a single connection to Mastercard Move.
• Buna participants will be able to leverage their existing Buna infrastructure to connect to Mastercard Move to make fast, secure and efficient payments to regions and corridors outside MENA, leveraging Mastercard's extensive network.
• Buna's compliance program integrates rigorous Anti-Money Laundering (AML), Counter-Terrorism Financing (CTF), and sanctions screening protocols both before and after settlement, offering real-time monitoring and thorough due diligence to safeguard financial transactions.
Alan Marquard, Head of Transfer Solutions, Mastercard, said: "Today's announcement is a major milestone in unlocking fast, transparent and cost-efficient cross-border payments into and out of the MENA region.
"The collaboration leverages existing infrastructure and connections, avoiding the need for major investments or adjustments from banks while allowing them to service their consumer and corporate clients more effectively. It also underscores Mastercard commitment to improving cross-border payments by connecting existing systems and boosting their reach and efficiency."
Mehdi Manaa, Chief Executive Officer, Buna, said: "Buna was founded with the mission to make cross-border payments more accessible and easier for people and businesses in the Arab countries.
"Mastercard's joining our cross-border and multi-currency payments system is a major development, complementing our existing banking partners and helping boost financial inclusion, growth and trade across the region.
Mastercard Move provides banks, non-bank financial institutions, direct disbursers, and their customers with a fast, secure money transfer solution, both domestically and internationally. The portfolio of solutions reaches more than 180 countries and 150+ currencies, with access to more than 95% of the world's banked population.
Buna, founded by the Arab Monetary Fund in 2018, is a cross-border payment system with the mandate to support economic and financial integration between Arab countries, while expanding trade and investment activities with global trading partners.
About Buna
Buna is the cross-border payment system operated by the Arab Regional Payments Clearing and Settlement Organization "ARPCSO," which is owned by The Arab Monetary Fund "AMF." Buna aims to enable financial institutions and central banks in the Arab region and beyond to send and receive payments in local currencies as well as key international currencies in a safe, cost-effective, risk-controlled, and transparent environment. Buna offers participants modern payment solutions that comply with international standards, principles, and compliance requirements. With its cross-border payment system Buna contributes to exploring and strengthening opportunities for economic and financial integration in the Arab region and supporting investment ties with the global trading partners. Buna welcomes the inclusion of all Financial Institutions that meet the criteria and conditions for participation, primarily the standards and procedures of compliance aspects.
About Mastercard Move
Mastercard Move is Mastercard's portfolio of money movement capabilities powering a variety of payment experiences - from personal payments to disbursements to business payments. Mastercard Move reaches nearly 10 billion endpoints and gives access to an estimated 4.8 billion people, and more than 95% of the world's banked population. It solves for a comprehensive range of money transfer experiences across payments and disbursements.
About Mastercard
Mastercard powers economies and empowers people in 200+ countries and territories worldwide. Together with our customers, we're building a sustainable economy where everyone can prosper. We support a wide range of digital payments choices, making transactions secure, simple, smart and accessible. Our technology and innovation, partnerships and networks combine to deliver a unique set of products and services that help people, businesses and governments realize their greatest potential.