Jordan’s Banking Sector Adapts to Stringent Regulations and Standards
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The Kingdom of Jordan is steadily advancing its economic growth strategy, and the banking sector is responding by adapting to stringent regulations and standards. One key initiative in this regard is the introduction of the Jordan Open Finance Standards (JOFS), a set of minimum requirements for banks to ensure seamless communication between financial institutions and their customers.
What are the Jordan Open Finance Standards?
The JOFS aim to standardize APIs for key financial services, categorized into specific areas such as:
- Account information
- Payments
These APIs must adhere to pre-defined data models and may utilize webhooks for real-time data exchange. Moreover, banks are obligated to prioritize data security and implement a robust customer consent management system.
How is Brankas Helping Jordanian Banks Comply with the JOFS?
Brankas Open Finance Suite is at the forefront of helping Jordanian banks bridge the gap in their API infrastructure. The company’s platform is designed to facilitate compliance with the JOFS, offering a comprehensive solution for Banking-as-a-Service (BaaS) enablement.
Client Testimonials
The success of Brankas’ approach is evident in the testimonials of its clients, including Arab Financial Services (AFS), who praised the company’s ability to empower financial institutions to deliver customer-centric products that positively impact customers’ lives:
“We are proud to partner with a well-established open finance vendor like Brankas to help us achieve our goal.” - Samer Soliman, CEO of AFS
Independent Assessments and Consulting Services
As Jordanian banks navigate this new regulatory landscape, they can turn to Brankas for guidance and support. The company is offering independent assessments and consulting services to help financial institutions prepare their API infrastructure or build BaaS offerings.
Resources Available
For those looking to learn more about the JOFS and how they can benefit from Brankas’ expertise, a range of resources are available:
- Articles on API management in banking
- Comprehensive guides to PSD2 and OBIE
- Information on global open banking standards