The launch reaffirms Buna’s role in strengthening Arab economic ties and enhancing the experience of Iraqi pensioners residing in the Hashemite Kingdom of Jordan in receiving their salaries.
Buna aligns with the agenda of the Group of Twenty (G20) to improve cross-border payments.
Payments processed via Buna are characterized by efficiency, security, and lower cost.
Abu Dhabi, April 12, 2023: Buna, the cross-border payment system operated by Arab Regional Payments Clearing and Settlement Organization “ARPCSO”, owned by the Arab Monetary Fund, announced the success of the first cross-border payment for the pensions of Iraqi retirees residing in the Hashemite Kingdom of Jordan. The transaction also represented the first transfer In Jordanian dinars utilizing the Buna system.
The transaction took place in Jordanian dinar between the National Bank of Iraq and Capital Bank through Buna, which provides real-time cross-border payment services in a safe way and in accordance with international standards, best global practices, and aligning with the G20 agenda to improve cross-border payments. This transaction comes following the announcement of this initiative in December 2022. It reaffirms Buna's position in supporting greater financial integration in the Arab region and its ability to provide enhanced experience to the users. The initiative also marks the beginning of settlement operations in the Jordanian dinar and reinforces the use of Arab currencies in cross-border payments.
In this context, it is expected that pension payment transactions for Iraqi pensioners residing in the Hashemite Kingdom of Jordan will increase in the upcoming months with more banks finalizing their readiness in the two countries. This also paves the way for transactions for Iraqi pensioners residing in the Arab Republic of Egypt, in the Egyptian pound currency.
At this occasion, Mehdi Manaa, Chief Executive Officer of Buna said: “We are very happy with the launch of Iraqi pensioners’ payments and the activation of the Jordanian dinar as a settlement currency through Buna. These achievements are an affirmation of the confidence of the Central Banks of Iraq and Jordan in the Buna system. They also highlight our role in supporting the development of Arab economies, and in enhancing cross-border payments, to become the platform of choice for instant payment in the Arab region and beyond.
He added, “I would also like to take this opportunity to thank H.E the Governor of Central Bank of Jordan and H.E the Governor of Central Bank of Iraq for their continued support and trust in Buna.”
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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. Thanks to 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 banks that meet the criteria and conditions for participation, primarily the standards and procedures of compliance aspects.
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