Dubai: The Saudi Riyal has been included as a settlement currency on 'Buna', the cross-border payment system owned by Arab Monetary Fund. The National Commercial Bank has been named as settlement bank.
It thus becomes the third Arab settlement currency to join the Buna platform, following the inclusion of the UAE Dirham and Egyptian Pound. This comes in line with "Buna’s ongoing efforts to build its network of participant banks as well as Arab and international currencies," the AMF said in a statement.
Build a presence
"Adding the Riyal represents additional solid proof of the added value that our multi-currency platform can bring not only at regional level, but to the global payment industry," said Dr. Abdulrahman A. Al Hamidy, Director-General and Chairman of the Board of Arab Monetary Fund. "We are on the right track to realize our strategic goal of adding key currencies to our platform in a consistent and sustainable pattern.
“The long-term value that we are bringing to the payment industry in this part of the world is not limited to our diversified and agile payment system." The region needs a "multi-currency and centralized platform that can offer modern payment solutions that comply with international standards in a safe, cost- effective, risk-controlled and transparent environment".
All systems on
NCB has been awarded the settlement bank's role after itt completed all required technical tests and integration to provision transaction services in the Riyal.