Mastercard and Buna have partnered to enhance cross-border payments in the Middle East and North Africa (MENA) region. This collaboration integrates Mastercard Move’s vast network and efficient money transfer capabilities with Buna’s cross-border payment platform, offering faster, more transparent, and affordable cross-border payments into and out of the MENA region.
By joining Buna as a direct participant, Mastercard enables streamlined payment solutions that address current challenges such as high fees, long processing times, and limited transparency. Buna’s Real-Time Gross Settlement service with extended hours, combined with its 24/7 Instant Payments System, creates a uniquely accessible option for international transactions.
Key benefits of this partnership include:
- Global financial institutions can make fast, cost-effective, and transparent payments to Buna participants through a single connection with Mastercard Move.
- Buna participants gain access to Mastercard’s network, facilitating secure and efficient payments to regions beyond MENA using their existing infrastructure.
- Buna’s comprehensive compliance program includes Anti-Money Laundering (AML), Counter-Terrorism Financing (CTF), and sanctions screening both pre- and post-settlement, ensuring real-time transaction monitoring and due diligence.
Alan Marquard, Head of Transfer Solutions at Mastercard, highlighted that this partnership reduces the need for additional investments by leveraging existing infrastructures, making it easier for banks to serve both consumer and corporate clients while enhancing the efficiency of cross-border payments.
Mehdi Manaa, CEO of Buna, noted that Mastercard’s integration into Buna’s cross-border, multi-currency payments system marks a significant development, enhancing financial inclusion, growth, and trade across the region.
Mastercard Move offers a reliable money transfer solution for banks, non-bank financial institutions, direct disbursers, and their clients across 180 countries in 150+ currencies. Founded in 2018 by the Arab Monetary Fund, Buna aims to foster economic and financial integration among Arab countries and expand trade with global partners.
About Buna
Buna is the cross-border payment system operated by the Arab Regional Payments Clearing and Settlement Organization “ARPCSO,” which is owned by The Arab Monetary Fund “AMF.” Buna 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. Buna offers participants modern payment solutions that comply with international standards, principles, and compliance requirements. With its cross-border payment system Buna contributes to exploring and strengthening opportunities for economic and financial integration in the Arab region and supporting investment ties with the global trading partners. Buna welcomes the inclusion of all Financial Institutions that meet the criteria and conditions for participation, primarily the standards and procedures of compliance aspects.
About Mastercard Move
Mastercard Move is Mastercard’s portfolio of money movement capabilities powering a variety of payment experiences — from personal payments to disbursements to business payments. Mastercard Move reaches nearly 10 billion endpoints and gives access to an estimated 4.8 billion people, and more than 95% of the world’s banked population. It solves for a comprehensive range of money transfer experiences across payments and disbursements.
About Mastercard
Mastercard powers economies and empowers people in 200+ countries and territories worldwide. Together with our customers, we’re building a sustainable economy where everyone can prosper. We support a wide range of digital payments choices, making transactions secure, simple, smart and accessible. Our technology and innovation, partnerships and networks combine to deliver a unique set of products and services that help people, businesses and governments realize their greatest potential.
