EBC and ARPCSO Sign an MOU to Facilitate Cross-Border Payments Via Buna And Instant Payment Network (IPN)

In a ceremony hosted by the Arab Monetary Fund, Mr. Tarek Raouf,  Chief Executive Officer of Egyptian Banks Co. for Technological Advancement (EBC), and Mr. Mehdi Manaa, CEO of Buna, the cross-border payment system operated by Arab Regional Payments Clearing and Settlement Organization “ARPCSO”, owned by The Arab Monetary Fund “AMF”,  signed today a Memorandum of Understanding (MoU) putting in place a framework of cooperation between Buna and EBC.  The ceremony was held in the AMF headquarters in Abu Dhabi, UAE, under the patronage of H.E Dr. Abdulrahman A. Al Hamidy, Director General Chairman of the Board of the Arab Monetary Fund.

Under the terms of this MoU, Buna and EBC target to interlink their payment services, Buna and IPN, in order to achieve reachability across multiple instant payments services and provide innovative solutions that allow sending and receiving cross-border payments instantly, 24 hours a day and 365 days a year, in accordance with the highest international compliance standards.

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