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BUNA Payment Platform
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Background
BUNA is a multi-currency payment platform to be used by participants in the Arab region to enhance and facilitate cross-border transactions.
What is BUNA?
Definition
BUNA signifies infastructure in the Arabic Language.
Aim
Aim
The main aim of its launch is to provide a low-cost and secure method of conducting financial transactions, while facilitating the various currencies utilized in the region.
Who is involved?
Participants
Direct Participants will include Central Banks, Retail Banks, and any other eligible entity. The system will also allow indirect participation for countries / participants upon request.
Functions
How will BUNA work?
Regestiration
Pre-requests
- Government Authority Supervision
- Regulatory authorization
- Written Approval
- Existing participation in domestic RTGS
Participation Criteria
How does BUNA work?
- Pre-funding / topping up account
- Transaction Initiation
Funding
Insert document from Brochure number 2
Payment Flow
Advantages of Using BUNA
Advantages of using BUNA
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