Al Rajhi Bank has taken a significant stride in the realm of banking innovation by initiating its participation in the “Buna” platform, a groundbreaking service for multi-currency and cross-border payments in the Arab world. Overseen by the Arab Payments Clearing and Settlement Regional Corporation, an affiliate of the Arab Monetary Fund, “Buna” equips banks with advanced payment solutions that adhere to global standards for combating financial crimes while ensuring unparalleled data protection and information security.

Remarkably, “Buna” stands as the first regional payment system in the Arab world to facilitate transactions in Arab currencies alongside international currencies. This distinctive feature provides Al Rajhi Bank and its clientele with modern payment solutions that align with international compliance and security standards.

Majid Al Rajhi, General Manager of Retail Banking at Alrajhi Bank, expressed that “joining the Buna platform reflects the bank’s commitment to enhancing customer service and maintaining its leadership in remittances by offering secure and technologically advanced banking payment solutions. This initiative is expected to contribute to the economic and financial prosperity of the Kingdom and the broader region.

Mahdi Manea, CEO of the Regional Corporation for Clearing and Settlement of Arab Payments, welcomed Alrajhi Bank’s integration into the “Buna” platform. He highlighted the bank’s role in achieving significant local and global impact, aligning with Buna’s goal to improve cross-border payment efficiencies. This cooperation aims to provide a reliable and efficient experience for businesses and individuals, thereby fostering economic development in adherence to international compliance standards.

Furthermore, Manea extended gratitude to the Central Bank of Saudi Arabia for its continuous support of the “Buna” platform. The platform’s adherence to global compliance standards assures users of transparency, affordability, and access to dynamic markets through instant settlements, 24/7 payment services, and multi-currency support.

Al Rajhi Bank’s participation in the “Buna” platform underscores its commitment to leveraging innovative solutions to meet the evolving needs of its customers while contributing to the economic growth and prosperity of the region. The integration into “Buna” signifies a pivotal step towards facilitating seamless and secure cross-border transactions, ultimately enhancing the banking experience for businesses and individuals alike.