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RAKBANK has joined the Arab Monetary Fund’s (AMF) Buna payments platform, in line with the bank’s digital transformation strategy.
The partnership aims to provide customers with an enhanced payment services platform to send and receive cross-border, multi-currency payments securely and reliably.
Buna enables commercial banks, central banks and other financial institutions in the Arab region and beyond to send and receive payments in Arabic and major international currencies. It provides real-time services through a centralized, risk-controlled, and secure platform.
RTGS for remittance
As RAKBANK is a participating bank in the Buna Payments platform, it now has access to Real Time Gross Settlement (RTGS) for foreign remittances, providing its customers with an efficient, accessible and risk-controlled payment process. The main goal is to better serve customers by leveraging the capabilities of the Buna payment platform. This partnership will further strengthen the country’s regional cross-border payments sector and provide a seamless payments infrastructure.
Raheel Ahmed, CEO of RAKBANK, said: “Joining the Buna payment platform is a key step in RAKBANK’s plans to support cross-border trade in the region. It is important for us to explore strategic initiatives to enhance the payment infrastructure in the region. Banks, 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 increasing use of technology to make our range of services easier to serve more customers, no matter where they are located. We would like to thank Buna for her excellent Working together, we made this process easy and fast.”
Unlock opportunities
Commenting on this, Mehdi Manaa, CEO of Buna, said: “With the addition of RAKBANK, we look forward to the opportunity to enhance cross-border payments using multiple Arabic and international currencies, in line with global standards and international best practices. This It is an important step in realizing our vision of strengthening the economy and strengthening the integration of the Arab world. On this occasion, I would also like to thank the Central Bank of the UAE for its continued support to Boona.”
The move is the first of many the bank is aiming to bolster its international payments capabilities. Buna has rapidly grown its network to include over 84 participating banks. — arab trade news agency
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