Open Banking Firm Salt Edge brings its solutions to Jordan
Salt Edge has announced its expansion to a new market – the Hashemite Kingdom of Jordan. The company’s goal is to assist Jordanian banks and other local financial institutions in offering innovative solutions, contributing to the Kingdom’s efforts toward a digital future through Open Banking and supporting “new modern concepts in financial services models” of the region.
Amidst the growing popularity of Open Banking and Open Finance in GCC countries, Salt Edge unveils Open Banking solutions on the Jordanian market to help financial institutions assist their customers in sharing their financial and banking data with third parties using API technology and become Open Banking compliant in one month.
The Central Bank of Jordan (CBJ) is convinced that Open Finance is crucial for innovation and competition to flourish in the Kingdom and is the key element of an inclusive and digital economy. Therefore, as of December 2022, the CBJ took an important step toward this goal by issuing the Open Finance Framework that all banks operating in the region must act in accordance with. As per the new instructions, local banks, and electronic money institutions are mandated to allow authorised third parties (TPPs) open and secure access to accounts and customer data through an application programming interface (API). Within this framework, institutions must develop the technology necessary to become regulatory compliant by the end of 2023.