ADCB Joins Arab Monetary Fund’s Buna System to Enhance Regional Cross-Border Payments
Abu Dhabi Commercial Bank (ADCB) has joined the Arab Monetary Fund (AMF)’s Buna system to provide its customers with an enhanced regional cross-border payments system – a move that is in line with ADCB’s digital transformation strategy.
Buna is a state-of-the-art cross-border payments platform for the Arab region, which enables financial institutions and central banks to send and receive cross-border multicurrency payments in a safe, cost-effective, risk-controlled, and transparent manner.
ADCB customers will benefit from reduced costs for payments done through safe and secure channels, real-time payments in multiple currencies, and a best-in-class secure payments infrastructure that adheres to the highest global cyber-security standards. The platform also enhances levels of governance and transparency through increased oversight from the Central Banks as well as effective reporting and compliance mechanisms.
ADCB commented: “ADCB remains committed to its digital strategy and is pleased to join BUNA, a state-of-the-art payment platform that provides superior clearing and settlement services across the Arab region in multiple currencies. We would like to thank AMF and the Central Bank of the UAE for their support and look forward to working closely with our new partner to further enhance the capabilities as new functions are rolled out in the future.”
Mehdi Manaa, Chief Executive Officer of Buna, said: “We are pleased to welcome Abu Dhabi Commercial Bank (ADCB) in Buna’s network of participants and we thank ADCB for the commitment to unlock opportunities for greater economic integration within the Arab region and with major trade partners. We look forward to continuing the collaboration with ADCB to enhance cross-border payments and develop innovative payment solutions for corporates and individuals. At this occasion, I would like to also thank the Central Bank of the United Arab Emirates for its sponsorship and continuous support to Buna.”
Incorporated in the UAE and operated by the ARPCSO Arab Regional Payments Clearing and Settlement Organization, a subsidiary of the AMF, the Buna system enhances cross-border payments by processing transactions in real-time, reducing costs, and improving security by standardising compliance and increasing transparency.
Driven by an ambitious strategy, ADCB continues to roll out new enhancements to its digital channels, while investing in longer-term projects that reimagine the future customer experience.
Abu Dhabi Commercial Bank
ADCB was formed in 1985 and today after integration employs over 3,350 people from over 45 nationalities, serving approximately 590,000 retail customers and over 20,000 wholesale clients. It is the third largest bank in the UAE and second largest in Abu Dhabi by assets, at AED 163.7 billion as at March 31st, 2010.
ADCB is a full-service commercial bank which offers a wide range of products and services such as retail banking, wealth management, private banking, corporate banking, commercial banking, cash management, investment banking, corporate finance, foreign exchange, interest rate, currency, derivative, Islamic products, project finance and property management services.
ADCB is owned 64.8% by the Abu Dhabi Government through the Abu Dhabi Investment Council. Its shares are traded on the Abu Dhabi Securities Market.
ADCB has won the Silver class category of The Sheikh Khalifa Excellence Award (SKEA) for the finance sector in November, 2009. In February 2010, ADCB won The World Finance Corporate Governance Award for “Best Corporate Governance in the UAE” and was recently named “Best Retail Bank in the UAE and GCC 2010” by The Asian Banker magazine in March 2010.