Mastercard has entered a strategic partnership with the Arab Regional Payment System, Buna, to enhance cross-border payments into and out of the Middle East and North Africa (MENA) region. This collaboration combines Mastercard’s Move network and Buna’s real-time payment infrastructure to offer businesses and consumers faster, cheaper, and more transparent cross-border transactions.
By joining Buna’s cross-border system as a direct participant, Mastercard will streamline payment processing, offering a solution to longstanding challenges such as high transaction costs, delays, and a lack of transparency. The integration will leverage Buna’s Real-Time Gross Settlement (RTGS) service and its Instant Payments System (IPS), which operates 24/7, providing participants with increased speed and operational flexibility.
Key Benefits:
– Global Reach: Financial institutions worldwide can now send cost-efficient, transparent payments to Buna participants using Mastercard Move.
– Expanded Connectivity: Buna participants can tap into Mastercard’s vast network for seamless payments to regions beyond MENA, making international transactions faster and more efficient.
– Compliance Assurance: Buna’s stringent compliance program integrates Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) checks, providing real-time monitoring and safeguarding financial transactions.
Alan Marquard, Mastercard’s Head of Transfer Solutions, emphasized that this collaboration will unlock a significant milestone in improving cross-border payments by leveraging existing infrastructures. This ensures minimal investment from banks while providing them with the tools to serve clients more effectively.
Mehdi Manaa, CEO of Buna, highlighted that Mastercard’s involvement will boost financial inclusion, promote trade, and enhance economic growth across the region.
Founded by the Arab Monetary Fund in 2018, Buna aims to facilitate economic and financial integration within Arab countries, while also expanding trade and investment links with global partners.
Similar News:
Nium & Ecobank Partner to Enhance Real-Time Cross-Border Payments across 35 African Markets
