RAKBANK recently stated its involvement in the Arab Monetary Fund’s (AMF) Buna payment platform. This collaboration seeks to offer customers an expanded online payment infrastructure for transferring cross-border, multiple currency transactions safely and reliably, through the Bank’s digital transformation program.
Buna allows commercial banks, central banks, and other financial institutions in the Arab region and abroad to send and receive payments in both Arab and important international currencies. It provides real-time services via a centralized, risk-managed, and secure platform.
Raheel Ahmed, Chief Executive Officer of RAKBANK, commented, “Joining the Buna payments platform is a pivotal step in RAKBANK’s plan to support regional cross border trade. It is important for us to explore strategic initiatives that enhance the region’s payments infrastructure. As a customer-focused bank in the UAE, we understand the importance of convenience and speed when it comes to payments. This announcement is in line with our commitment to investing in smarter banking solutions and increasingly using technology to make our range of services more accessible to additional customers, wherever they are. We would like to thank Buna for their exceptional cooperation which has made this process easy and swift.”
As a Buna Payments platform participant, RAKBANK will now have access to Real Time Gross Settlement (RTGS) for overseas remittances, providing its customers with an efficient, accessible, and risk-controlled payment procedure. The major goal is to better serve its clients by leveraging the capabilities of the Buna payment platform. This collaboration will help to develop the country’s regional cross-border payments sector and create a unified payment infrastructure.
This is the first of many measures by the Bank to improve its international payments capability. Buna’s network has quickly expanded to include over eighty-four participating banks.
Mehdi Manaa, Chief Executive Officer of Buna, stated, ‘’We are pleased to welcome RAKBANK as participant in Buna. With the onboarding of RAKBANK, we look forward to unlocking the opportunities in enhancing cross border payments in multiple Arab and international currencies in compliance with global standards and international best practices. This is a major step to realize our vision to empower economies and strengthen integration within the Arab world. At this occasion, I would also like to thank the Central Bank of UAE for its continuous support to Buna.”