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MoU signed between AMF and The Jordan Payments and Clearing Company to facilitate instant payments between Jordan and the rest of the world

The MoU targets to identify innovative payment solutions that lead to interoperability between Buna IPS and JOPACC CliQ

R-L: Maha Bahou, H.E Dr. Abdulrahman A. Al Hamidy and Mehdi Manaa

In a ceremony hosted by the Arab Monetary Fund at its headquarter in Abu Dhabi, UAE, Maha Bahou, CEO of The Jordan Payments and Clearing Company (JoPACC), a payment system operator owned by the Central Bank of Jordan and all commercial banks in Jordan, and Mehdi Manaa, CEO of Buna, the cross-border and multi-currency payment system owned by the Arab Monetary Fund (AMF), signed today a Memorandum of Understanding (MoU) putting in place a framework of cooperation between Buna and JoPACC.

Under the terms of this MoU, Buna and JoPACC target to achieve interoperability between their instant payment services, Buna “IPS” and JoPACC’s “CliQ”, by providing innovative solutions that allow their participants to send and receive cross-border payments instantly in accordance with the highest compliance standards.

The connectivity between Buna’s IPS and JoPACC, emphasizes Buna’s role as a strategic hub that links national instant payment solutions and creates another payment rail targeting to support various use cases, including digital remittances and e-commerce.

Commenting on this MoU, His Excellency Dr. Abdulrahman A. Al Hamidy, Director General Chairman of the Board of the Arab Monetary Fund, said: “This strategic collaboration with The Jordan Payments and Clearing Company (JoPACC), is a step forward in Buna’s efforts to provide national payment solutions with expansion opportunities by enabling cross-border payment services to their participants. Buna’s partnership with JoPACC will bring additional services and features  to the payments industry in Jordan, securing safe and efficient access to cross-border instant payments for individuals and corporates, within the Arab region and beyond.”

Maha Bahou, the CEO of The Jordan Payments and Clearing Company (JoPACC) emphasized Jordan’s efforts in developing instant digital payment solutions and expanding the scope of offered financial services to include cross-border payments that are characterized by high levels of safety and efficiency and are based on cutting-edge technologies. This shall increase the uptake of financial services and thus contribute to the increase of financial inclusion in Jordan. Maha further applauded the efforts of AMF in collaborating with digital payment stakeholders in the Arab world to make the journey of the Arab financial consumer more seamless.

Buna, is a cross-border payment system owned by the Arab Monetary Fund, aiming to enable financial institutions and central banks in the Arab region and beyond to send and receive payments in local currencies as well as key international currencies in a safe, cost-effective, risk-controlled, and transparent environment. Buna offers participants modern payment solutions that comply with international standards, principles, and compliance requirements. Thanks to its cross-border payment system, Buna contributes to exploring and strengthening opportunities for economic and financial integration in the Arab region and supporting investment ties with the global trading partners. Buna welcomes the inclusion of all banks that meet the criteria and conditions for participation, primarily the standards and procedures of compliance aspects.