Jordan Takes a Giant Leap in Financial Institution Data Security Measures with Launch of Open Finance Standards
Amman, Jordan - In a significant move aimed at revolutionizing the financial landscape in Jordan, the Jordan Payments and Clearing Company (JoPACC), along with the Central Bank of Jordan (CBJ) and a group of local banks, has launched the Jordan Open Finance Standards. This groundbreaking initiative is made possible through JoPACC’s fintech incubator, JOIN Fincubator.
Background
The launch follows the “Open Finance Services Instructions” issued by the CBJ at the end of 2022, which mandates local financial institutions to develop technology allowing authorized third-party providers (TPPs) secure access to accounts and customer data. The Jordan Open Banking Standards aim to establish common specifications for Application Programming Interfaces (APIs) used by various financial institutions in the banking sector.
Benefits
According to Iulian Mitrea, Head of Partner Ecosystem at Salt Edge, “The new standards will facilitate fintech integration with other financial institutions through API standardization, rather than relying on different APIs developed for each institution’s specific requirements.” This move is expected to foster greater efficiency and streamline workflow processes, while also underlining Jordan’s commitment to creating a fertile ground for innovation and collaboration.
Partnership
Salt Edge, a company closely monitoring Open Finance developments in Jordan, has unveiled its open finance offering in the country to enable local banks and financial institutions to embrace cutting-edge technology. The company joined forces with Access to Arabia (A2A), a leading Jordanian banking technology provider, to unlock opportunities in Open Finance by harnessing Salt Edge’s global bank connectivity and A2A’s middleware and integration expertise.
Key Developments
- The launch of the Jordan Open Finance Standards is one of several significant developments in recent years that promise to enhance market collaboration, promote the use of global standards for data security and protection, and foster customer trust.
- Salt Edge and its local partner, A2A, are ready to support banks in adhering to the Open Finance standard and deploying Open Finance API Portals, making it easier for customers to access and manage their financial data securely via third-party providers’ services.
Certifications
The company’s commitment to ensuring stable and reliable connections between financial institutions and their customers is reflected in its:
- ISO 27001 certification
- AISP license under PSD2
With a presence in over 50 countries and integrated with 5,000+ financial institutions, Salt Edge has been named a Strong Performer in The Forrester Wave: Open Banking Intermediaries, 2023 Report.
Learn More
For more information, visit www.openbankingjordan.saltedge.com or contact press@saltedge.com.