The Central Bank of Jordan (CBJ) has taken a significant step towards modernizing the financial services landscape in the Kingdom by unveiling comprehensive guidelines for Open Finance services.
These guidelines apply to all banks operating “within the jurisdiction of CBJ, as well as online payment and money transfer companies under CBJ’s supervision and control.”
This initiative aligns with evolving global trends in financial services, “facilitating the secure sharing of financial and banking data with third-party providers through cutting-edge API technology, all while adhering to existing regulatory frameworks.”
In response to this transformative regulatory framework, Access to Arabia (A2A), a leading Jordanian banking technology provider, has “joined forces with Salt Edge, a renowned Open Banking solutions provider.”
This strategic partnership aims “to assist local financial institutions in meeting the ambitious regulatory requirements set by CBJ.” Together, A2A and Salt Edge “will unlock countless opportunities in Open Banking by harnessing Salt Edge’s extensive global bank connectivity and A2A’s middleware and integration expertise.”
The Middle East, “spearheaded by visionary regulators like CBJ, has witnessed remarkable advancements in its financial sector. Jordan, in particular, is at the forefront of this transformation.”
With a growing demand from the market and “a regulator committed to innovation, the stage is set for Open Finance to [enhance] the Kingdom’s financial landscape.” Fintech applications, small and medium-sized enterprises, merchants, lenders, and corporations are eagerly embracing “the potential of Open Banking-powered solutions. A2A and Salt Edge play pivotal roles in Jordan’s digital transformation, ensuring financial institutions stay ahead in the dynamic regional financial industry.”
A2A, headquartered in Jordan, is reportedly “a well-established software solutions company specialising in advanced banking middleware systems and cutting-edge electronic delivery channels.”
This partnership with Salt Edge “positions A2A to guide Jordanian financial institutions in swiftly complying with CBJ’s progressive Open Finance regulations within a mere three months.”
Furthermore, it offers connectivity “to a vast network of over 5,000 global financial institutions.” By integrating with other banks’ APIs, Jordanian financial institutions can focus on creating successful use cases, “all while leveraging the Open Banking expertise of both A2A and Salt Edge.”