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CBUAE, Arab Monetary Fund ink agreement for settlement services in AED

CBUAE, Arab Monetary Fund ink agreement for settlement services in AED
The platform offers its participants payment solutions

UAE – Mubasher: The Arab Monetary Fund (AMF) has signed an agreement with the Central Bank of the UAE (CBUAE) to provide settlement services in dirham (AED) through its Buna platform, a multi-currency payment platform.

These services allow the banks in the platform to accelerate the clearing and settlement process for cross-border payments in dirham and reduce their costs, according to a press release on Wednesday.

Buna platform aims to enable financial institutions and banks to send and receive cross-border payments across the Arab region by providing solutions that promote economic and financial integration in the Arab region.

The platform offers its participants payment solutions compliant with international standards and criteria.