Mastercard has joined Buna, the Arab Regional Payment System, to enable faster, more affordable cross-border payments in and out of the MENA region.
Through the Mastercard Move money transfer service, the new partnership will streamline international transactions for businesses and consumers by leveraging Buna’s infrastructure and Mastercard’s global network.
Within the framework of this strategic partnership, Mastercard will join Buna’s cross-border payment systems as a direct participant able to leverage the benefits of Buna’s Real-Time Gross Settlement service with its extended operating hours and Instant Payments System’s 24/7. The collaboration prioritises transparency, cost-efficiency, and compliance, aiming to boost financial inclusion and support economic integration across Arab countries.
Buna, founded by the Arab Monetary Fund in 2018, is a cross-border, multi-currency payment system. It enables financial institutions to make secure, real-time transactions in regional and international currencies in compliance with international standards and G20 objectives for safe, cost-effective, and transparent cross-border payments. “Buna was founded with the mission to make cross-border payments more accessible and easier for people and businesses in the Arab countries,” explained Mehdi Manaa, Chief Executive Officer at Buna.
Buna is operated by the Arab Regional Payments, Clearing, and Settlement Organization. Its compliance program ensures transaction safety with strict AML, CTF, and sanctions checks, including real-time monitoring for secure cross-border exchanges.
The Mastercard-Buna partnership allows global financial institutions to make payments to Buna participants via Mastercard Move, expanding payment access beyond the MENA region. Buna participants, which include about 100 major Arab banks, can also use their current infrastructure to connect seamlessly to Mastercard’s network for secure, efficient international payments. Therefore, the expanded payment scope will not require much additional investment from participating banks.
“The collaboration leverages existing infrastructure and connections, avoiding the need for major investments or adjustments from banks while allowing them to service their consumer and corporate clients more effectively. It also underscores Mastercard commitment to improving cross-border payments by connecting existing systems and boosting their reach and efficiency.”
Alan Marquard, Head of Transfer Solutions, Mastercard
Mastercard Move is a rapid, secure solution for domestic and international money transfers between banks, non-bank institutions, and direct disbursers. The service covers over 180 countries and supports more than 150 currencies, providing access to over 95% of the world’s banked population.
Mastercard has also recently launched Mastercard Move Commercial Payments designed specifically for commercial cross-border payments, e.g. corporate trade payments and intra- and inter-company treasury flows where working capital efficiency is a key factor. Now, such payments can happen in near real-time, 24/7, 365 days a year.
