Mastercard has joined Buna to enhance cross-border payments in MENA, offering faster, more transparent, and cost-effective transactions for businesses and consumers. Businesses and consumers involved in transactions into and out of the Middle East and North Africa (MENA) region may experience more efficient cross-border payments through a collaboration between Mastercard and the Arab Regional Payment System, Buna.

The collaboration allows Mastercard to join Buna’s cross-border payment system as a direct participant, offering a response to challenges in cost, time, and transparency currently affecting MENA cross-border payments. The partnership introduces streamlined access to Buna’s Real-Time Gross Settlement service, which features extended operating hours, and its Instant Payments System, which is available 24/7. The key aspects of the collaboration include: Providing financial institutions worldwide with a means to send cost-effective, rapid, and transparent payments to Buna participants through Mastercard’s Move network. Allowing Buna participants to utilize their existing infrastructure to connect to Mastercard Move, facilitating secure, efficient payments to regions outside MENA using Mastercard’s global network. Incorporating Buna’s compliance protocols, which feature Anti-Money Laundering (AML), Counter-Terrorism Financing (CTF), and sanctions screening before and after settlement, supporting real-time monitoring and due diligence.

Mastercard Move serves as a global transfer solution for banks, non-bank financial institutions, direct disbursers, and their customers, handling domestic and international transfers. Covering over 180 countries and supporting more than 150 currencies, it reaches over 95% of the global banked population. Founded in 2018 by the Arab Monetary Fund, Buna is a cross-border payment system established to support financial integration and economic cooperation among Arab countries and to enhance trade and investment activities with international partners.

About the companies Mastercard operates in over 200 countries and territories, facilitating economic growth through a range of digital payment solutions. The company’s technology, partnerships, and networks aim to make transactions secure, accessible, and streamlined. Mastercard supports digital payment options that contribute to a sustainable economy, promoting prosperity for individuals and communities.

Mastercard’s Move platform is a comprehensive money movement system enabling various payment solutions, from personal payments to business disbursements. Mastercard Move reaches nearly 10 billion endpoints, connecting an estimated 4.8 billion people and covering over 95% of the global banked population. Buna is the cross-border payment system managed by the Arab Regional Payments Clearing and Settlement Organization (ARPCSO) under the ownership of the Arab Monetary Fund (AMF).

Buna supports financial institutions and central banks within the Arab region and internationally by facilitating safe, transparent, and cost-effective payments in local and major international currencies. Operating with international standards, Buna provides modern payment solutions that align with rigorous compliance requirements. Buna aims to foster economic and financial integration in the Arab region and to strengthen global trade connections, welcoming financial institutions that meet compliance and participation standards.

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