The Buna platform offers stringent levels of governance and transparency through increased oversight from central banks as well as effective reporting and compliance mechanisms.

Abu Dhabi Commercial Bank (ADCB) announced that it has joined the Arab Monetary Fund’s (AMF) Buna system.

Buna, a state-of-the-art cross-border payments platform for the Arab region, enables financial institutions and central banks to send and receive cross-border multi-currency payments in a safe, cost-effective, risk-controlled and transparent manner.

ADCB customers can avail reduced costs for payments done through safe and secure channels, real-time payments in multiple currencies, and a best-in-class secure payments infrastructure that adheres to the highest global cyber-security standards.

The platform also offers more stringent levels of governance and transparency through increased oversight from central banks as well as effective reporting and compliance mechanisms.

In other news, ADCB delivered a strong performance in the first quarter of 2022, reporting a net profit increase of 32 per cent year-on-year (YoY) to Dhs1.483bn, which is equivalent to a return on average tangible equity of 12.6 per cent.