THE ARAB MONETARY FUND (AMF) ANNOUNCES A MEMORANDUM OF UNDERSTANDING WITH VISA TO SUPPORT THE GROWTH AND EFFICIENCY OF CROSS-BORDER PAYMENTS BETWEEN THE ARAB REGION AND GLOBAL MARKETS
Setting the foundation for interoperability between Buna and Visa and enabling innovative payment options for financial institutions
Abu Dhabi 26 August 2021: The Arab Monetary Fund (AMF) and Visa, announced today the signing of a Memorandum of Understanding (MoU). Under the terms of this MoU, Visa and Buna (The Regional Payment Platform owned by the AMF), will set the foundation for mutual beneficial interoperability and a solid partnership that aims to enable additional rails of money transfer across the two systems, supporting the growth and efficiency of cross-border payments between the Arab region and the rest of the world.
Buna and Visa will collaborate to offer their network of participants and member banks respectively, a quick, efficient, cost effective and secure channels to execute cross-border payments in Arab and International currencies, enabling diversified pay out options.