The bank said it has partnered with Open Banking and financial innovation firm Fintech Galaxy to boost its Open Banking readiness, ensuring the utmost security and protection for customer data.
According to the announcement, Fintech Galaxy’s FINX platform will enable Jordan Ahli Bank to align with Open Banking regulations while delivering value to their customers and adhering to robust security measures to safeguard customer data, cultivating trust and security.
“With Fintech Galaxy’s innovative Open Banking solutions, we can now offer our customers the freedom to share their financial and banking data with third parties, leveraging API technology,” said Dr. Ahmad Al-Hussein, CEO of Jordan Ahli Bank.
Jordan Ahli Bank, the first bank to be established in east Jordan in 1955, is a Jordanian institution with a steeped national history and heritage. The bank was founded by Yousef Mouasher and Suleiman Sukkar.
More than 66 years later, the bank continues to be a leading player in the financial services industry with branches In Jordan, Palestine, and Cyprus.
By becoming Open Banking compliant, the bank will be able to offer better rates and value-added services to their customers.
Jordan Ahli Bank said its collaboration with third-party providers will help it reduce costs and increase revenue, while leveraging the expertise and capabilities of these providers to create new and innovative products and services.
Jordan is working on numerous ongoing initiatives toward the digitization of the banking sector with the Central Bank of Jordan issuing new instructions in November 2022 aiming at fostering innovation and competition and supporting opportunities for transformation towards an inclusive and advanced digital economy.
These instructions govern Open Finance services, providing, with authorized access to customer and business bank accounts for payments and banking data-related services.