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Today, the Arab Monetary Fund announced that it has signed a memorandum of understanding with the international company “Visa”, according to which “Visa” and the “Bunna” platform for Arab payments, affiliated with the Regional Institution of Arab Payments Clearing and Settlement Payments held by the Fund will lay a solid foundation for consensual partnership and interdependence with the aim of securing additional channels to transfer funds through their payment systems, in order to enhance growth and l efficiency of payments between the Arab region and various global markets.
The Buna Platform for Arab Payments and the international company Visa look forward to cooperating and working together to provide their network of participating banks and member banks with safe and reliable channels characterized by speed, efficiency and cost. appropriate, to perform the compensation. and the settlement of inter-payments in Arab and international currencies and provide a diverse list of payment options.
Abdul Rahman bin Abdullah Al-Hamidi, Managing Director and Chairman of the Board of the Arab Monetary Fund, said: “The partnership between the Buna platform and Visa is in line with our strategic approach to cooperate and unify efforts with all institutions that share the same constructive vision aimed at contributing to the development and development of the payments industry in the Arab region and beyond.
He added, on the basis of this initiative, the Buna Platform for Arab Payments seeks to persevere in developing and expanding its diverse list of innovative solutions, and to provide participating banks with additional secure and reliable channels for expand their capabilities to implement cross-border payments and implement innovative business models that allow them to better serve their customers. The cooperation between Buna and Visa will give both parties the opportunity to offer common products and services for cross-border payments in a flexible and low-risk manner, and to easily access all target markets to follow and serve the market. diversified and growing financial system. needs in the Arab region and beyond.
Dr. Saida Jaafar, Managing Director of the Visa Group in the GCC, said: “The MoU reinforces Visa’s commitment to support the development of the Arab region and the vital role that digital payments play in this area. We believe that the benefits of moving to real-time payments in the Arab region lie in the added value it brings, and our vision is to support our customers by improving the use of innovative real-time payment services and staying in line with the requirements. from our clients in the region who are looking for cutting-edge services and innovative financial solutions to transfer funds across borders. We are looking forward to cooperating with the Buna Platform for Arab Payments and all parties involved in the implementation of this project. “
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