Salt Edge, an Open Banking enabler, has expanded into the Kingdom of Jordan. According to a blog post, Salt Edge will be working with Jordanian Banks and other financial services firms to power Open Banking solutions with its API-driven platform.
According to the post, the Central Bank of Jordan (CBJ) views Open Finance as crucial for innovation and competition in the Kingdom. As of December 2022, the CBJ issued the Open Finance Framework that all banks operating in the region must act in accordance with. Under the mandate, local banks, and electronic money institutions are required to allow authorized third parties (TPPs) open and secure access to accounts and customer data through an application programming interface (API). Institutions must develop the technology necessary to become regulatory compliant by the end of 2023.
Alina Beleuta, Chief Growth Officer at Salt Edge, said the Middle East is accelerating its position as a financial hub and they are pleased to see countries like Jordan taking steps to accomplish this goal.
“Due to Salt Edge’s ready-to-go solution, Jordanian banks can comply with Open Banking in 1 month only. Instead of focusing on compliance, banks operating in the Kingdom will be able to set up procedures and strategies to build a myriad of successful business use cases,” said Beleuta.
Salt Edge reports that hundreds of institutions have successfully adopted its Open Banking solutions, including Jordan Ahli Bank, Byblos Bank, and Habib Bank.