On February 14, 2024, the Jordan Payments and Clearing Company (JoPACC), along with the Central Bank of Jordan (CBJ) and a group of local banks, launched The Jordan Open Finance Standards. This groundbreaking initiative was made possible through JoPACC’s fintech Incubator JOIN Fincubator, and it is set to revolutionise the financial landscape in Jordan. 

The launch of the technical standards follows the visionary “Open Finance Services Instructions” issued by the CBJ at the end of 2022, under which local financial institutions are mandated to develop the technology, allowing authorised TPPs open and secure access to accounts and customer data.

The Jordan Open Banking Standards seek to establish common specifications for Application Programming Interfaces (APIs) that will be used by a variety of crucial financial institutions in the banking sector. In essence, the new standards intend to facilitate fintech integration with other financial institutions through APIs standardisation, rather than relying on different APIs developed for each FI’s specific requirements. 

As a company closely monitoring the Open Finance developments in Jordan, Salt Edge is excited to see the country’s progressive stance on financial innovation. The newly launched draft of the technical standard is another significant milestone in Jordan’s journey to a more interconnected and dynamic financial ecosystem after the 2022 Open Finance Services Instructions release. The initiative not only fosters greater efficiency and streamlines workflow processes but also underlines Jordan’s commitment to creating a fertile ground for innovation and collaboration.

Andrei Scutari, Open Banking – Head of Sales at Salt Edge

With the growing popularity of Open Banking and Open Finance in GCC countries, Salt Edge unveiled its open finance offering in Jordan in early 2023 to enable Jordanian banks and other local financial institutions to embrace cutting-edge technology. Shortly after that, the open finance pioneer joined forces with Access to Arabia (A2A), a leading Jordanian banking technology provider, to unlock together countless opportunities in Open Finance by harnessing Salt Edge’s extensive global bank connectivity and A2A‘s middleware and integration expertise.

In recent years, we have witnessed exceptional advancements in Jordan’s financial sector, and the launch of the Jordan Open Finance Standards is one of those significant developments that promise to enhance market collaboration, promote the use of global standards for data security and protection, and foster customer trust by ensuring transparent and responsible handling of their data. Salt Edge and its local partner, A2A, are here, 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.

Iulian Mitrea, Head of Partner Ecosystem at Salt Edge

Visit: www.openbankingjordan.saltedge.com

About Salt Edge

Salt Edge is a financial API platform with PSD2 and open banking solutions for every business. The company has two main vectors of activity: enabling third parties to get access to bank channels via a unified gateway and developing the technology necessary for banks to become compliant with the directive’s requirements. ISO 27001 certified and AISP licensed under PSD2, the company employs the highest international security measures to ensure stable and reliable connections between financial institutions and their customers. The company is integrated with 5,000+ financial institutions in 50+ countries. Salt Edge has been named a Strong Performer in The Forrester Wave™: Open Banking Intermediaries, 2023 Report.



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