Invest Bank launches multi-currency settlement service via Buna platform

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A general view of the Invest Bank office.

Gulf today, Staff reporter

Sharjah-based Invest Bank has announced the launch of a multi-currency payment service through the Buna platform as part of its commitment to providing innovative ways to improve customer experience.

The approach also aims to strengthen its role in the development of the regional cross-border payments sector. Buna, the Arab Regional Payment Clearing and Settlement Organization, is a centralized cross-border payment system owned by the Arab Monetary Fund.

The Buna platform is an integrated system that provides clearing and settlement services for multi-currency payments in the Arab region. Payments are settled instantly for transfers to beneficiary banks participating in the platform.

Ahmad Mohamed Abu Eideh, Managing Director of Invest Bank, said: “We are delighted to work with the Arab Monetary Fund on this initiative, as at Invest Bank we always seek to confirm our commitment to the United Arab Emirates by promoting such initiatives. , which play a great role in stimulating economic and financial growth in the Arab region.

For his part, Mehdi Manaa, Managing Director of Arab Payments Platform Buna, said: “We are pleased to welcome Invest Bank to Buna’s network of participants.

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

On this occasion, I would also like to thank the Central Bank of the United Arab Emirates for its sponsorship and continued support of Buna. »

About Invest Bank:

Invest Bank was established in 1975 as a public limited company in the emirate of Sharjah and its shares are listed on the Abu Dhabi Stock Exchange (ADX). Since its inception, the Bank has made significant progress and contributed to the economic development of Sharjah and the wider UAE.

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

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