alrajhi bank Enhances Payment Solutions through Buna Platform Collaboration

Logo of Al Rajhi Bank

alrajhi bank has initiated its participation in the "Buna" platform, a pioneering service for multi-currency and cross-border payments in the Arab world. And overseen by the Arab Payments Clearing and Settlement Regional Corporation, affiliated with the Arab Monetary Fund, "Buna" equips banks with advanced payment solutions that meet global standards for combating financial crimes and ensure unparalleled data protection and information security.

Significantly, "Buna" is the first regional payment system in the Arab world to facilitate transactions in Arab currencies alongside international currencies. This feature provides alrajhi bank and its clientele with contemporary payment solutions that align with international compliance and security standards.

Majid Al Rajhi, General Manager of Retail Banking at alrajhi bank, expressed that “joining the Buna platform reflects the bank's commitment to enhancing customer service and maintaining its leadership in remittances by offering secure and technologically advanced banking payment solutions. This initiative is expected to contribute to the economic and financial prosperity of the Kingdom and the broader region.

Mahdi Manea, CEO of the Regional Corporation for Clearing and Settlement of Arab Payments, welcomed Alrajhi Bank's integration into the "Buna" platform. He highlighted the bank's role in achieving significant local and global impact, aligning with Buna’s goal to improve cross-border payment efficiencies. This cooperation aims to provide a reliable and efficient experience for businesses and individuals, thereby fostering economic development in adherence to international compliance standards.

Additionally, Manea extended gratitude to the Central Bank of Saudi Arabia for its continuous support of the "Buna" platform. The platform's adherence to global compliance standards promises its users transparency, affordability, and access to dynamic markets through instant settlements, 24/7 payment services, and multi-currency support.