Latest Payments News: Mastercard Joins Buna, The Arab Regional Payment System, and more

Catch up on six of the stories our payments compliance analysts have covered lately, and stay up-to-date on the latest news.

Mastercard Joins Buna, The Arab Regional Payment System

Card giant Mastercard has announced that it has joined Buna, a multi-currency cross-border payment system founded by the Arab Monetary Fund (AMF) in 2018.

The collaboration will see Mastercard Move’s money transfer unit use Buna to facilitate cross-border payments into and out of the Middle East and North Africa (MENA) region.

Mastercard’s entry to Buna as a direct participant is the payment system’s first public-private partnership of its kind.

“The collaboration will provide a simple, efficient and practical solution to current challenges that include high costs, long wait times and lack of transparency when moving funds into and out of the MENA region,” Mastercard said in a statement.

“Buna’s Real-Time Gross Settlement service, with its extended operating hours, and Instant Payments System’s 24/7 availability offer a unique advantage for direct participants.”

Buna’s compliance programme also integrates anti-money laundering (AML), counter-terrorism financing (CTF) and sanctions screening protocols both before and after settlement.

UK's FCA Secures Convictions In £1.5M Crypto Fraud

The UK’s Financial Conduct Authority (FCA) has secured convictions against two individuals involved in a £1.5m cryptocurrency investment fraud.

Raymondip Bedi and Patrick Mavanga orchestrated the scam between February 2017 and June 2019, defrauding more than 65 investors by cold-calling and luring them to a professional-looking website promising high returns on fake crypto investments.

"Bedi and Mavanga lured investors with promises of high returns on crypto investments, but their schemes were nothing but a callous scam. If you’re contacted out of the blue about an investment opportunity that sounds too good to be true, then it probably is," said Steve Smart, joint executive director of enforcement at the FCA. "If you’re in any doubt, don’t invest."

Bedi pleaded guilty to charges including conspiracy to defraud, money laundering and breaches of the Financial Services and Markets Act 2000. Mavanga also admitted to conspiracy to defraud and using false identification documents, and was convicted of perverting the course of justice for deleting phone recordings following Bedi's arrest in March 2019.

A third defendant will face retrial in September 2025, while a fourth, Rowena Bedi, was acquitted of money laundering charges.

UBS Pilots Blockchain-Based Multi-Currency Payment Solution

Swiss bank UBS has announced that it has developed and successfully piloted "UBS Digital Cash", a blockchain-based payment solution.

UBS Digital Cash aims to increase efficiency and transparency in cross-border payments, and enable programmable money movements for corporate and institutional clients.

In the pilot, transactions with multinational clients and banks were successfully carried out, including domestic transactions within Switzerland and cross-border payments in US dollars, Swiss francs, euros and Chinese yuan.

“The UBS Digital Cash pilot showcased the key advantages of blockchain-based payment solutions,” said Janko Hahn, head of treasury operations at Autoneum, a participant in the pilot.

“They make cross-border transactions faster, on time and provide a seamless traceability, which is a huge benefit when operating in a global market.”

European Commission Publishes Delegated MiCA Regulations

The European Commission has published three new Delegated Regulations under the Markets in Crypto-Assets (MiCA) framework, targeting crypto-asset service providers (CASPs) and financial entities across the EU.

Each regulation, effective from December 30, 2024, introduces new compliance standards for transparency and operational oversight in the digital assets space.

The first regulation outlines detailed information requirements for CASP authorisation applications under Article 62 of MiCA, stating that applicants must submit comprehensive governance, anti-money laundering (AML), business continuity and internal control details.

The second regulation focuses on notification requirements for financial entities providing crypto services, requiring detailed disclosures on AML policies, business continuity and governance measures as mandated by Article 60 of MiCA.

The third regulation establishes a standard methodology for calculating transaction volumes involving asset-referenced tokens (ARTs) and e-money tokens (EMTs). Under Article 22 of MiCA, this framework defines parameters for reporting transaction volumes, ensuring uniformity in data collection and transparency in digital transactions.

France And Singapore Central Banks Complete Post-Quantum Security Test

The Banque de France and the Monetary Authority of Singapore (MAS) have successfully completed a cross-continental experiment in post-quantum cryptography (PQC), designed to protect communications from future cyber threats posed by quantum computing.

Conducted over conventional internet technologies, this project marks a significant step in securing international electronic communications.

The regulators tested quantum-resistant algorithms to sign and encrypt emails, using a hybrid approach that merges current and quantum-safe security. The experiment, conducted via Microsoft Outlook with a PQC plugin, demonstrated enhanced email security for confidential data and compatibility with internet standards.

A report from the experiment underscores the need for broader standardisation to adopt PQC into applications such as key public infrastructure and secure emails.

The results also hint at future applications in payment networks, where PQC could safeguard financial data from emerging cyber risks.

The two regulators intend to extend their collaboration to PQC applications in cross-border financial transactions, emphasising their commitment to fortifying global financial systems against evolving cyber threats through international cooperation.

Wise Granted Direct Access To Philippines' Instant Payments System

Wise has announced that it has been granted permission to connect directly with InstaPay, the real-time payments system of the Philippines, as the company continues to build out its cross-border payment infrastructure in APAC.

The move will enable Wise to process payments to Philippines consumers and businesses in local currency in under 20 seconds.

Wise has also been given permission to settle with the country’s real-time gross payment system, PhilPaSS Plus1, after being granted a settlement account by the country's central bank.

The direct connection to InstaPay is Wise’s sixth connection to domestic payment systems around the world, and comes only one month after Wise became the first non-bank to connect directly to Japan’s domestic payments network.

Wise now has more than 65 licences worldwide, allowing almost two-thirds of its transactions to be completed in under 20 seconds, with an average fee of 0.62 percent.

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