Invest Bank launches multi-currency settlement service through Buna platform

Gulf Today, Staff Reporter

Sharjah-based Invest Bank announced the launching of multi-currency payment service via the Buna platform as part of its commitment to providing innovative means to improve customer experience.

The step also aims to enhance its role in developing the regional cross-border payments sector. Buna, The Arab Regional Payments Clearing and Settlement Organization, is a centralised cross-border payment system owned by the Arab Monetary Fund.

The Buna platform is an integrated system that provides clearing and settlement services for payments in multiple currencies in the Arab region. The settlement of payments is done instantly for transfers to beneficiary banks participating in the platform.

Ahmad Mohamed Abu Eideh, Chief Executive Officer of Invest Bank, commented: “We are pleased to work with the Arab Monetary Fund on this initiative, as we at Invest Bank are always seeking to confirm our commitment to the United Arab Emirates by promoting such initiatives, which have a great role in stimulating economic and financial growth in the Arab region.”

For his part, Mehdi Manaa, Chief Executive Officer of the Buna Arab Payments Platform, said: “We are pleased to welcome Invest Bank in Buna’s network of participants.

We look forward to continuing the collaboration with Invest bank to develop innovative payment solutions for corporates and individuals based on Buna’s services to process fast and safe cross-border payments in multi-currencies.

At this occasion, I would also like to thank the Central Bank of the United Arab Emirates for its sponsorship and continuous support to Buna.”

About Invest Bank:

Invest Bank was established in 1975 as a public shareholding company, in the Emirate of Sharjah and its shares are publicly traded on the Abu Dhabi Securities Exchange (ADX). Since inception, the Bank has made significant advances and has contributed to the economic development of Sharjah and the wider UAE.

The Bank has built a solid reputation and strong relationships with its loyal corporate and retail clients and continues to be their trusted bank of choice.