AMF signs MoU with Visa to boost cross-border payments

In the latest move to modernise payments infrastructure in the Middle East region, the Arab Monetary Fund has announced the signing of a Memorandum of Understanding (MoU) with Visa.

Under the terms of this agreement, Visa and Buna which is a Regional Payment Platform owned by the AMF will set a ‘the foundation for mutual beneficial interoperability and a solid partnership that aims to enable additional rails of money transfer across the two systems’.

This will be supporting the growth and efficiencies of cross-border payments between the Arab region and the rest of the globe. The two will partner and offer their network and member banks ‘a quick, efficient, cost-effective and secure channel to execute cross-border payments in Arab and International currencies, enabling diversified payout options’.

As per the press note, the two will build on their capacities and propositions which will cater to the growing financial needs in the Arab region.

“Both Visa and Buna will capitalize on this partnership to deliver joint cross-border payment products and services that are risk-controlled and with broad coverage and extended availability to better serve the diverse needs of the financial and payment community in the Arab region and beyond,” said H.E Dr Al Hamidy, Director General Chairman of the Board of the Arab Monetary Fund.

Buna is a cross-border payment system owned by the Arab Monetary Fund which is aimed to enable FIs and Central Banks in the Arab region to send and receive payments in local currencies as well as key international currencies in a safe, cost-effective, risk-controlled, and transparent environment.