2023-04-14 11:32:26
This partnership will contribute to the development of cross-border payments to and from Morocco, supporting efforts to strengthen economic ties, trade and financial transactions between Arab and international markets.
It’s official. Al Barid Bank joins the circle of the first Moroccan banks to integrate the Buna cross-border payment system. It is an innovative platform launched in February 2020 by the Arab Regional Organization for Payment Clearing and Settlement (ARPSCO), a subsidiary of the Arab Monetary Fund AMF, of which Morocco is a founding member. By joining Buna, Al Barid Bank demonstrates its continued commitment to its customers by offering them innovative banking solutions. The bank can now send and receive multi-currency cross-border payments faster and more securely to all platform member banks. This partnership will contribute to the development of cross-border payments to and from Morocco, supporting efforts to strengthen economic ties, trade and financial transactions between Arab and international markets.
“We are delighted to have joined this innovative cross-border payments platform. This decision demonstrates our commitment to our customers and our desire to continue implementing innovative and value-enhancing banking solutions. This membership of Buna also allows us to expand our offer of cross-border payments from and to Arab countries or any other member country, thus contributing to the establishment of an efficient regional exchange system and long-term”, emphasizes Nejjar Al-Amine, Chairman of the Board of Al Barid Bank. On the side of the Arab Regional Organization for Clearing and Settlement of Payments (Buna), its Director General Mehdi Menaa indicated that “the bank’s adherence to our solution is a mark of support for our efforts aimed at strengthening economic and trade ties, first between Arab countries and also with their international partners. We look forward to cooperating with the bank to help develop cross-border payments in the region and deliver tangible benefits to banks and their customers.”
It should be noted that the Buna system allows exchange of transfers with more than 99 participating banks in its network, supporting several Arab and international currencies and applying international standards of AML and CFT to promote financial integrity and fight crime (including the fight against money laundering and the financing of terrorism).
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