Home Business AMF, JoPACC sign MoU to facilitate instant payments

AMF, JoPACC sign MoU to facilitate instant payments

by Dubai Forum
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ABU DHABI, 17th March, 2022 (WAM) — Jordan Payments and Clearing Company (JoPACC), a payment system operator owned by the Central Bank of Jordan and all commercial banks in Jordan, and 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 bilateral cooperation.

CEO of JoPACC Maha Bahou, and CEO of Buna Mehdi Manaa, signed the MoU in a ceremony hosted by the AMF at its headquarter in Abu Dhabi.

Under the terms of the MoU, the parties 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, emphasises 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, Dr. Abdulrahman A. Al Hamidy, Director-General and Chairman of the Board of AMF, 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 emphasised Jordan’s efforts in developing instant digital payment solutions and expanding the scope of offered financial services to include cross-border payments that are characterised 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.

He 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 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.

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