Gulf International Bank – Saudi Arabia (GIB Saudi Arabia) has announced its integration with Buna, a cross-border and multi-currency payment platform managed by the Arab Regional Payments Clearing and Settlement Organization (ARPCSO) which is owned by the Arab Monetary Fund (AMF). This move strengthens GIB Saudi Arabia’s payment capabilities by enabling faster, more efficient transactions directly with over 120 banks in the Arab region without intermediaries.
Buna, established by the AMF in 2018, allows financial institutions and central banks in the Arab region and beyond to process payments securely and cost-effectively in multiple currencies, all within a transparent and controlled environment. GIB Saudi Arabia’s participation enhances its ability to offer clients seamless payment solutions, contributing to the Bank’s strategic focus on optimizing its payment ecosystem.
Khaled Abbas, Chief Executive Officer of GIB Saudi Arabia, commented, “Our integration with Buna reflects GIB’s commitment to improving payment services for our clients. By leveraging Buna’s platform, we offer faster, more cost-efficient payment options, aligning with our goal to enhance our payment ecosystem and better serve our customers across the region.”
Mehdi Manaa, Chief Executive Officer at Buna, stated, “We are happy to welcome Gulf International Bank in the Buna network of participants. We are more than ever committed to deliver a seamless cross-border payment experience across the Arab region in multiple currencies. We look forward to working closely with GIB to provide tangible value to all payments’ users, in line with the highest international standards.” He added, “On this occasion, I would also like to extend my appreciation to the Saudi Central Bank for their support to Buna.”
This partnership marks a significant milestone in GIB Saudi Arabia’s efforts to optimize its product capabilities and deliver innovative payment solutions. By leveraging advanced technology, the Bank strengthens its leadership in digital banking, further reinforcing its position as a leading financial institution in the region.
