Open Finance in Jordan: A2A and Salt Edge Partnership

Published 6 months ago

The Central Bank of Jordan (CBJ) has introduced comprehensive guidelines for Open Finance services, marking a significant move towards modernizing the financial services landscape in the Kingdom. The guidelines affect all banks under CBJ’s jurisdiction, including online payment and money transfer firms. This initiative aligns with global trends in financial services, enabling secure financial and banking data sharing via advanced API technology, in compliance with existing regulatory frameworks.

A2A and Salt Edge Collaborate

In line with the new regulatory framework, Jordanian banking technology provider, Access to Arabia (A2A), and Open Banking solutions provider, Salt Edge, have entered into a strategic partnership. Their combined aim is to help local financial institutions meet the rigorous regulatory requirements set by the CBJ. The collaboration between A2A and Salt Edge is expected to open up numerous opportunities in Open Banking, leveraging Salt Edge’s extensive global bank connectivity and A2A’s middleware and integration proficiency.

Accelerating Financial Sector Advancements

The partnership is timely, with the Middle East, led by regulators such as CBJ, experiencing significant progress in its financial sector. Jordan is at the epicenter of this transformation, with increasing market demand and a regulator dedicated to innovation, setting the stage for Open Finance to reshape the Kingdom’s financial landscape. Fintech applications, small to medium enterprises (SMEs), merchants, lenders, and corporations are ready to exploit the potential of Open Banking solutions. Both A2A and Salt Edge are crucial players in Jordan’s digital transformation, ensuring financial institutions maintain a competitive edge in the fast-paced regional financial industry.

About A2A

A2A, a Jordanian company, is a respected software solutions firm specializing in advanced banking middleware systems and innovative electronic delivery channels. Its systems, trusted by over 72 banks across 14 countries in the Middle East and North Africa regions, streamline operations and enhance customer service, pushing the boundaries of innovation in the financial sector.

Salt Edge’s Global Impact

Salt Edge, a global leader in Open Banking solutions for a decade, empowers financial institutions, including banks, credit unions, lenders, accounting firms, and fintech companies, worldwide. It offers compliance with Open Banking regulations and access to a network of over 5,000 bank channels globally through a single API. The company has broadened its services to Saudi Arabia and Jordan due to the increasing interest in Open Finance within these dynamic markets.

The Future of Open Banking in Jordan

The partnership between A2A and Salt Edge is expected to help Jordanian financial institutions comply with CBJ’s progressive Open Finance regulations within three months. It also offers connectivity to a network of over 5,000 global financial institutions. By integrating with other banks’ APIs, Jordanian firms can focus on developing successful use cases, leveraging the Open Banking expertise of both A2A and Salt Edge.