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ABU DHABI / WAM
Buna, the cross-border and multi-currency payment system owned by the Arab Monetary Fund (AMF), on Tuesday signed a Memorandum of Understanding (MoU) with NPCI International Payments Limited (NIPL), the international arm of National Payments Corporation of India (NPCI), to support the growth of trade and investment flows between the Arab world and India.
The MoU aims to implement payment solutions that lead to interoperability between their instant payment services and allow their participants to exchange cross-border payments in a cost-effective and secure way, instantly, 24 hours a day and 365 days a year.
Mehdi Manaa, CEO of Buna, and Ritesh Shukla, CEO of NIPL, signed the MoU in the AMF headquarter in Abu Dhabi, in the presence of Sunjay Sudhir, Ambassador of India to the UAE, and Dr Abdulrahman A Al Hamidy, Director General Chairman of the Board of the Arab Monetary Fund.
The alliance between Buna and NIPL presents an opportunity for payment systems to build on the high potential of their instant payment services with the objective of spreading benefits of cross-border instant payments.