Jordan Ahli Bank partners with Fintech Galaxy

The Jordanian bank intends to incorporate technological innovation into its banking services through its Open Banking initiative and, by becoming Open Banking compliant, it intends to provide improved rates and value-added services to its customers. The partnerships with TPPs aim to support Jordan Ahli Bank minimise costs and increase revenue while using the knowledge and capabilities of these providers to develop new products and services. The bank’s commitment to Open Banking highlights its objective of offering customised and enhanced banking services to its customers.

Currently, Jordan is focusing on several ongoing initiatives that aim to digitise the banking sector, with the Central Bank of Jordan issuing additional instructions at the end of 2022 to support the migration to an inclusive and advanced digital economy. These instructions oversee Open Finance services, offering authorised access to customer and business bank accounts for payments and banking data-related solutions.

By integrating Fintech Galaxy’s FINX platform, Jordan Ahli Bank intends to align with Open Banking regulations while providing value to its customers and adhering to security measures to protect customer information, fostering trust and safety. The bank aims to leverage the FINX Open API Gateway with Account Information Service (AIS) and Payment Initiation Service (PIS) APIs, TPP Management, and Consent Management based on regional compliance requirements. Fintech Galaxy also provides the bank with a TPP Develop Portal with Documentation for Public Consumer API, as well as a guide for TPP onboarding, an administrative dashboard, and a sandbox environment that simulates the production functionality.

According to Jordan Ahli Bank’s officials, by partnering with Fintech Galaxy and using its solutions, the bank can enable customers to share their financial and banking data with third parties, leveraging API technology. Moreover, the collaboration allows the bank to comply with Open Banking and Open Finance regulations and offer enhanced services to its clients. Representatives from Fintech Galaxy stated that, by joining forces with Jordan Ahli Bank, the company solidifies its commitment to supporting financial institutions in the MENA region as they develop and digitise their operations, leading to improved financial services.

As a regional Open Banking platform, Fintech Galaxy’s main objective is to democratise financial services by offering secure API infrastructure for integration between industry participants while providing more control of financial information and payments for customers. The company is regulated by the Central Bank of Bahrain and currently operates in the UAE, Bahrain, Egypt, Saudi Arabia, Lebanon, and Moldova.