Mastercard has partnered with the Arab Regional Payment System, Buna, to enhance cross-border payment efficiency into and out of the Middle East and North Africa (MENA) region. This collaboration merges Mastercard’s Move network with Buna’s advanced real-time payment infrastructure, setting a new standard for speed, affordability and transparency in international transactions.
As a direct participant in Buna’s cross-border system, Mastercard aims to address persistent challenges in the payment ecosystem, including high costs, lengthy processing times and lack of transparency. The integration will leverage Buna’s Real-Time Gross Settlement (RTGS) service and its always-on Instant Payments System (IPS), enabling 24/7 operational flexibility.
The key highlights of the partnership are as follows:
- Global Reach: Financial institutions worldwide can now access cost-effective and transparent payment channels to Buna participants using Mastercard Move.
- Expanded Connectivity: Buna participants gain access to Mastercard’s global network, facilitating seamless payments beyond the MENA region.
- Enhanced Compliance: Buna’s rigorous compliance program integrates real-time Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) checks, ensuring secure and trustworthy financial transactions.
Alan Marquard, Head of Transfer Solutions, Mastercard, said, “This partnership represents a major step forward in solving cross-border payment inefficiencies. By utilising existing infrastructures, we minimise investment needs for banks while equipping them with robust tools to better serve their clients.”
This groundbreaking partnership underscores the commitment to building a seamless, inclusive and efficient payment landscape for the MENA region and beyond.
Mehdi Manaa, CEO, Buna, stated, “Mastercard’s involvement will significantly advance financial inclusion, foster trade and drive economic growth across the region.”
Founded in 2018 by the Arab Monetary Fund, Buna is dedicated to facilitating economic and financial integration among Arab nations and strengthening global trade and investment ties.
