BENEFIT, the operator of the national electronic payment systems in Bahrain, has entered into a partnership with the Arab payment system Buna in order to establish a framework of cooperation.
The MoU aims to create cross-border instant payments interoperability between the Kingdom of Bahrain and other markets.
This joint venture aims to simplify the flow of cross-border payments between the Kingdom of Bahrain as well as the Arab world and reinforce various use cases such as consumer remittances and digital commerce.
The intended solution will spread the benefits of cross-border instant payments to citizens and corporates, strengthening economic ties within the Arab world, and unlocking opportunities for greater economic integration.
“Under the terms of this MoU, Buna, and BENEFIT target to interlink their payment services, Buna and Bahrain electronic transfer services, aiming to consequently connect to a wide network of multiple instant payments services through cutting edge systems that facilitate the transfer of cross-border payments instantly, at all times, and by correspondingly following the highest international compliance standards,” according to the statement.
“This key collaboration with BENEFIT reinforces Buna’s adherence to progress further in the creation of a strategic hub that connects the different national instant payment systems from the Arab region and beyond. We are pleased to be working alongside Benefit as we are aligned on the same vision of developing innovative cross-border payment solutions that enhance the user’s experience. On this occasion, we would like to thank H.E. the Governor of the Central Bank of Bahrain, and his colleagues for their continuous support to Buna.”
For his part, Mr. Abdulwahed AlJanahi, CEO of BENEFIT Company, said that, “We are very pleased to sign this important MoU, which will open broad horizons for instant cross-border transfers and financial payments by establishing a linking gateway between the national electronic fund transfer system and the “Buna” network, which is expected to link Arab countries and then the rest of the world.”
“This innovative initiative will definitely contribute to enhancing and accelerating trade exchange and individual remittances between the countries of the Arab region, and we look forward to completing all technical and administrative requirements to operate this service in the near future,” Mr. AlJanahi added.