GEC NEWS WIREJordan Ahli Bank, a leading Jordanian institution with over 60 years of banking experience, has joined forces with Open Banking and financial innovation firm Fintech Galaxy to fully 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, empowering them to safely connect their accounts to TPP apps and have a comprehensive view of their transactions.
Jordan Ahli Bank is dedicated to incorporating technology and innovation into their banking services through their Open Banking initiative. By becoming Open Banking compliant, the bank will be able to offer better rates and value-added services to their customers. Collaborating with third-party providers (TPP) also will help Jordan Ahli Bank reduce costs and increase revenue, while leveraging the expertise and capabilities of these providers to create new and innovative products and services. This commitment to Open Banking is a testament to Jordan Ahli Bank’s dedication to providing personalized and innovative banking services to their valued customers.
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.
Fintech Galaxy’s FINX platform will enable Jordan Ahli Bank to effortlessly align with Open Banking regulations while delivering exceptional value to their customers and adhering to robust security measures to safeguard customer data, cultivating trust and security.
Jordan Ahli Bank will leverage the FINX Open API Gateway with 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. The bank will also be provided with all essential components, including the TPP Developer Portal with detailed Documentation for Public Consumer API, along with a step-by-step guide for TPP onboarding, an administrative full-featured dashboard for TPPs, and a sandbox environment that simulates the production functionality.
“We are thrilled to have partnered with Fintech Galaxy for Open Banking and Open Finance compliance,” announced Dr. Ahmad Al-Hussein, CEO of Jordan Ahli Bank. “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. 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.”
“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, and we are committed to supporting financial institutions in the MENA region as they innovate and redesign the future of financial services.” – commented Mirna Sleiman, Founder and CEO of Fintech Galaxy.
