Mastercard is collaborating with Arab regional payment system Buna to drive faster, cheaper and more transparent cross-border payments in the Middle East and North Africa (MENA) region.
The partnership will bring together Mastercard Move’s money transfer capabilities and extensive network with Buna’s cross-border payment system to facilitate cross-border payments into and out of the MENA region, Mastercard said in a Wednesday (Nov. 6) news release.
Through this collaboration, financial institutions will be able to send fast, transparent and cost-efficient payments to Buna participants via Mastercard Move. This also works in the other direction, with Buna participants being able to send payments out of the region via Mastercard’s network.
In addition, Buna’s compliance program integrates rigorous anti-money laundering, counterterrorism financing and sanctions screening protocols both before and after settlement, ensuring that all transactions go through real-time monitoring.
“The collaboration leverages existing infrastructure and connections, avoiding the need for major investments or adjustments from banks while allowing them to service their consumer and corporate clients more effectively,” said Alan Marquard, head of transfer solutions at Mastercard. “It also underscores Mastercard commitment to improving cross-border payments by connecting existing systems and boosting their reach and efficiency.”
“Buna was founded with the mission to make cross-border payments more accessible and easier for people and businesses in the Arab countries,” said Mehdi Manaa, chief executive officer of Buna. “Mastercard’s joining our cross-border and multicurrency payments system is a major development, complementing our existing banking partners and helping boost financial inclusion, growth and trade across the region.”
In September, Mastercard partnered with Saudi financial services startup barq to expand the range of payment acceptance solutions it offers to merchants and consumers.
The startup’s partnership with Mastercard will enable it to deliver additional offerings to Saudi businesses, citizens and residents who want cross-border services and remittance solutions, PYMNTS reported Sept. 6.
“Mastercard Gateway delivers payment processing and fraud prevention technology to acquiring banks, merchants and technology partners,” PYMNTS wrote at the time. “The value-added services it offers include membership and automatic payments, subscriptions, bills and installments.”
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