Abu Dhabi Commercial Bank (ADCB) has joined the Arab Monetary Fund (AMF)’s Buna system in order to provide its customers with an enhanced regional cross-border payments system.
The move is in line with ADCB’s digital transformation strategy. Buna is a state-of-the-art cross-border payments platform for the Arab region, which enables financial institutions and central banks to send and receive cross-border multicurrency payments in a safe, cost-effective, risk-controlled, and transparent manner.
ADCB customers will benefit from reduced costs for payments done through safe and secure channels, real-time payments in multiple currencies, and a best-in-class secure payments infrastructure that adheres to the highest global cyber-security standards.
Mehdi Manaa CEO – Buna
“We are pleased to welcome Abu Dhabi Commercial Bank (ADCB) into Buna’s network of participants and we thank ADCB for the commitment to unlock opportunities for greater economic integration within the Arab region and with major trade partners. We look forward to continuing the collaboration with ADCB to enhance cross-border payments and develop innovative payment solutions for corporates and individuals. On this occasion, I would like to also thank the Central Bank of the United Arab Emirates for its sponsorship and continuous support to Buna.”
The platform also enhances levels of governance and transparency through increased oversight from the Central Banks as well as effective reporting and compliance mechanisms.
“The bank remains committed to its digital strategy and is pleased to join BUNA, a state-of-the-art payment platform that provides superior clearing and settlement services across the Arab region in multiple currencies,” according to the statement.
Driven by an ambitious strategy, ADCB continues to roll out new enhancements to its digital channels, while investing in longer-term projects that reimagine the future customer experience, the bank added.
