November 7, 2024 | Dubai, UAE – In a groundbreaking public-private partnership, Mastercard and the Arab Regional Payment System, Buna, are collaborating to transform cross-border payments into and out of the Middle East and North Africa (MENA) region. This alliance aims to simplify and expedite cross-border transactions, offering faster, more affordable, and transparent payment solutions for businesses and consumers alike.
Under this collaboration, Mastercard will join Buna’s cross-border payment system as a direct participant, enabling both entities to leverage their unique capabilities for enhanced money transfer services. Mastercard’s Move platform, known for its extensive global network, will now integrate with Buna’s Real-Time Gross Settlement (RTGS) and Instant Payments System. This union provides a critical advantage: Buna’s RTGS operates with extended hours, while its Instant Payments System offers 24/7 availability, facilitating rapid and seamless transfers.
Key Benefits of the Collaboration
- Global Reach with Enhanced Efficiency: Financial institutions worldwide will now have a single connection to Mastercard Move, enabling fast, cost-effective, and transparent payments to Buna participants.
- Extended Payment Capabilities for MENA: Buna participants can leverage their existing infrastructure to connect to Mastercard Move, allowing secure and efficient payments beyond the MENA region.
- Robust Compliance and Security: Buna’s compliance program includes rigorous Anti-Money Laundering (AML), Counter-Terrorism Financing (CTF), and sanctions screening protocols, providing real-time transaction monitoring and comprehensive due diligence.
Alan Marquard, Head of Transfer Solutions at Mastercard, emphasized the significance of this partnership, stating, “Today’s announcement is a major milestone in unlocking fast, transparent, and cost-efficient cross-border payments into and out of the MENA region. By leveraging existing infrastructure, we’re enabling banks to service their clients more effectively, while reinforcing Mastercard’s commitment to improving cross-border payment systems.”
Mehdi Manaa, CEO of Buna, shared similar enthusiasm, highlighting the collaboration’s potential to drive financial inclusion and growth. “Buna was founded to make cross-border payments more accessible for people and businesses in the Arab countries. Mastercard’s integration into our cross-border and multi-currency payments system complements our existing banking partners and supports economic growth and trade across the region.”
Mastercard Move and Buna: Expanding Financial Accessibility
Mastercard Move is designed to facilitate fast, secure money transfers both domestically and internationally, reaching over 180 countries and more than 150 currencies. Buna, established in 2018 by the Arab Monetary Fund, was created to promote economic and financial integration among Arab countries, while supporting global trade and investment. By joining forces, Mastercard and Buna offer a powerful solution to streamline cross-border payments, making transactions faster, more transparent, and more efficient for financial institutions, businesses, and consumers alike.
This collaboration marks a pivotal step forward in the MENA region’s payment landscape, with both Mastercard and Buna reinforcing their roles as leaders in fostering financial inclusion, economic growth, and cross-border trade.
Media Contacts
Giang Nguyen, Global Communications
Media Contacts
Jandré Nieuwoudt, EEMEA Communications
Jandre.Nieuwoudt@mastercard.com
About Buna
Buna is the cross-border payment system operated by the Arab Regional Payments Clearing and Settlement Organization “ARPCSO,” which is owned by The Arab Monetary Fund “AMF.” Buna aims to enable financial institutions and central banks in the Arab region and beyond to send and receive payments in local currencies as well as key international currencies in a safe, cost-effective, risk-controlled, and transparent environment. Buna offers participants modern payment solutions that comply with international standards, principles, and compliance requirements. With its cross-border payment system Buna contributes to exploring and strengthening opportunities for economic and financial integration in the Arab region and supporting investment ties with the global trading partners. Buna welcomes the inclusion of all Financial Institutions that meet the criteria and conditions for participation, primarily the standards and procedures of compliance aspects.
About Mastercard Move
Mastercard Move is Mastercard’s portfolio of money movement capabilities powering a variety of payment experiences — from personal payments to disbursements to business payments. Mastercard Move reaches nearly 10 billion endpoints and gives access to an estimated 4.8 billion people, and more than 95% of the world’s banked population. It solves for a comprehensive range of money transfer experiences across payments and disbursements.
About Mastercard
Mastercard powers economies and empowers people in 200+ countries and territories worldwide. Together with our customers, we’re building a sustainable economy where everyone can prosper. We support a wide range of digital payments choices, making transactions secure, simple, smart and accessible. Our technology and innovation, partnerships and networks combine to deliver a unique set of products and services that help people, businesses and governments realize their greatest potential.
