- The Arab Monetary Fund (AMF), a regional organisation in the Middle East, is going to work with Visa to enhance the cross-border payments experience of customers in the area.
- The organisations will attempt to promote additional money transfer rails in both of the systems they operate in.
- “Buna and Visa partnership is in line with our strategic approach to join forces with international institutions that share with us the same vision,” said a spokesperson for the AMF.
The Arab Monetary Fund (AMF), a regional organisation in the Middle East, has confirmed that it has signed a memorandum of understanding with a major financial services provider.
The company said that it had struck up the relationship with Visa to help with interoperability when it comes to cross-border payments.
The agreement also sees it use Buna, which is a regional payments platform owned and operated by the AMF.
The goal of the new relationship is to help promote extra money transfer rails in both payments systems.
This will in turn enhance the way that payments work across the region and globally.
Member banks and participants of Buna and Visa will be able to work together to provide fast and cost-effective payments channels.
In a statement to the press, it was confirmed that there will also be a series of diverse payout options included as part of the new payments offer.
The AMF’s Director General and Chairman of the Board said that the participants in the partnership shared similar approaches to the project.
His Excellency Dr. Abdulrahman A. Al Hamidy emphasised that all participants wanted to ensure that the payment industry could develop and grow around the Middle East and indeed around the world.
“Buna and Visa partnership is in line with our strategic approach to join forces with international institutions that share with us the same vision to contribute to the development and growth of the payment industry across the Arab world and globally,” he said.
He added that the increased range of potential innovation solutions would assist participant banks.
“With this initiative, Buna continues to develop and grow its diversified pool of innovative solutions, providing its participant banks additional safe and credible channels to broaden their cross-payment capacities, implement innovative business models and better serve their clientele.”
He went on to say that the organisations would ensure that the partnership can enhance payment experiences – and also add an element of risk control.
“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,” he concluded.
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