ADCB joins 'Buna' System to enhance regional cross-border payments

ADCB joins 'Buna' System to enhance regional cross-border payments

ABU DHABI, 14th July, 2022 (WAM) -- Abu Dhabi Commercial Bank (ADCB) announced that it has joined the Arab Monetary Fund (AMF)’s Buna system to provide its customers with an enhanced regional cross-border payments system – a move that 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.

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 reiterated its commitment to its digital strategy by joining BUNA, a payment platform that provides superior clearing and settlement services across the Arab region in multiple currencies.