Jordan Ahli Bank has partnered with Fintech Galaxy to comply with open banking and open finance regulations. Leveraging Fintech Galaxy’s FINX platform, Jordan Ahli Bank will ensure the utmost security and protection for customer data. The collaboration enables the bank’s customers to safely connect their accounts to TPP apps and have a comprehensive view of transactions.
The bank said that by becoming open banking compliant, it will offer better rates and value-added services to customers. Collaborating with third-party providers (TPP) also will help Jordan Ahli Bank reduce costs. At the same time, it will increase revenue by leveraging the capabilities of TPP’s to create new products and services. The commitment to open banking also reinforces the bank’s drive to provide personalised and innovative services to customers.
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Jordan is working on numerous ongoing initiatives toward the digitisation of the banking sector. The Central Bank of Jordan issued new instructions in November 2022 aiming at fostering innovation and competition. And it is supporting opportunities for transformation towards an inclusive and advanced digital economy. These instructions govern open finance, providing access to customer accounts for payments and banking data-related services.
Fintech Galaxy FINX Open API Gateway
Jordan Ahli Bank will leverage the FINX Open API Gateway. This gives out-of-the-box compliance with Account Information Service (AIS) and Payment Initiation Service (PIS) APIs, Third Party Provider (TPP) Management, and Consent Management based on regional standards.
Ahmad Al-Hussein, CEO of Jordan Ahli Bank, said: “We are thrilled to have partnered with Fintech Galaxy. We can now offer customers the freedom to share their financial and banking data with third parties, leveraging API technology. This partnership will enable us to comply fully with open banking and open finance regulations. And provide value-added services to our customers. Fintech Galaxy’s FINX Comply solution has allowed us to become open banking compliant in record time.”
Mirna Sleiman, Founder and CEO of Fintech Galaxy, added: “Our partnership with Jordan Ahli Bank is a significant milestone for Fintech Galaxy. We believe that open banking and open finance are the future of financial services. We are committed to supporting financial institutions in MENA region as they innovate and redesign the future of financial services.”
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