The Central Bank of Jordan (CBJ) has taken a significant step towards modernising 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. They also apply to online payment and money transfer companies under CBJ’s supervision and control. This initiative aligns with evolving global trends in financial services. Moreover, it facilitates the secure sharing of financial and banking data with third-party providers through cutting-edge API technology, all while adhering to existing regulatory frameworks.
Combining A2A middleware, integration expertise with Salt Edge global bank connectivity
In response to the CBJ initiative, A2A and Salt Edge aim to assist local financial institutions meet the regulatory requirements. Specifically, they will unlock the opportunities offered by open banking by harnessing Salt Edge’s extensive global bank connectivity and A2A’s middleware and integration expertise.
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Given the CBJ commitment to innovation, the companies say there is potential for open finance to revolutionise the financial landscape. Fintechs, small and medium-sized enterprises, merchants, lenders, and corporations are 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: working with 72 banks across 14 markets in MENA
A2A works with 72 banks across 14 countries in the Middle East and North Africa regions. According to A2A, its systems streamline operations and enhance customer service, driving the future of full customer self-service and pushing the boundaries of innovation in the financial sector.
This partnership with Salt Edge positions A2A to guide Jordanian financial institutions in swiftly complying with CBJ’s open finance regulations within three months.
Salt Edge facilitates compliance with open banking regulations and grants access to a network of over 5,000 bank channels globally through a single API. It provides end-users with unified and easily accessible bank data across their accounts. Salt Edge has expanded its services to Saudi Arabia and Jordan in response to the growing interest in open finance within these markets.
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By GlobalDataNabil Halaseh, GM, A2A, said: “Salt Edge’s expertise in open banking will be invaluable in helping us deliver a solution that is truly tailored to the needs of banks, financial institutions, and their clients.”
Vasile Valcov, Chief Commercial Officer, Salt Edge, added: “Our partnership with A2A fills us with great excitement and hope. By joining forces with them, we are inspired to take on new challenges and strive for further regional excellence. Together, we are committed to supporting the Kingdom’s vision of a digital future through open banking and unlocking new possibilities for businesses and individuals alike.
