The Arab Monetary Fund-owned (AMF) cross-border and multi-currency payment system, Buna has signed a Memorandum of Understanding (MoU) with the Central Bank of Jordan’s payment system operator, Jordan Payments and Clearing Company (JoPACC) in order to strengthen the bilateral cooperation and facilitate instant payments.
Under the terms of the MoU, the parties target to achieve interoperability between their instant payment services, Buna’s “IPS” and JoPACC’s “CliQ”, by offering innovative solutions that enable their participants to send and receive cross-border payments instantly in accordance with the highest compliance standards.
According to the statement, “The connectivity between Buna’s IPS and JoPACC, emphasizes Buna’s role as a strategic hub that links national instant payment solutions and creates another payment rail targeting to support various use cases, including digital remittances and eCommerce.”
Ms. Maha Bahou, CEO of JoPACC, and Mehdi Manaa, CEO of Buna have signed the MoU in a ceremony hosted by the AMF at its headquarter in Abu Dhabi.
Commenting on this MoU, Dr. Abdulrahman A. Al Hamidy, Director-General and Chairman of the Board of AMF said that, “This strategic collaboration with The Jordan Payments and Clearing Company (JoPACC), is a step forward in Buna’s efforts to provide national payment solutions with expansion opportunities by enabling cross-border payment services to their participants.”
“Buna’s partnership with JoPACC will bring additional services and features to the payments industry in Jordan, securing safe and efficient access to cross-border instant payments for individuals and corporates, within the Arab region and beyond,” Dr. Al Hamidy added.
Ms. Bahou emphasized Jordan’s efforts in developing instant digital payment solutions and expanding the scope of offered financial services to include cross-border payments that are characterized by high levels of safety and efficiency and are based on cutting-edge technologies. This will help Jordan achieve greater financial inclusion by increasing the uptake of financial services.
Buna is a cross-border payment system that 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.
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