Jordan Ahli Bank, boasting a rich 60-year legacy in the financial sector, has forged a transformative alliance with Fintech Galaxy, a leading force in financial innovation. This bank-fintech collaboration is a testament to the bank’s unwavering commitment to adhering to open banking and open finance regulations, prioritizing customer data security while facilitating seamless connections to third-party provider (TPP) applications.
At the core of this partnership lies the integration with Fintech Galaxy’s cutting-edge FINX platform. Designed to uphold the highest standards of customer data protection, FINX enables secure interactions with TPP apps. This integration empowers customers with a comprehensive view of their transactions, promoting transparency and granting them control over their financial data.
Jordan Ahli Bank’s strategic move towards open banking is a reflection of its dedication to infusing technology and innovation into its array of banking services. The primary objectives encompass providing customers with competitive rates and value-added services, fostering dynamic partnerships with TPPs, reducing operational costs, boosting revenue, and catalyzing the introduction of new financial products and services.
Modernizing Banking Landscape:
This initiative aligns seamlessly with Jordan’s broader efforts to digitize its banking sector. In November 2022, the Central Bank of Jordan issued progressive directives, fostering innovation, competition, and the transition towards a more inclusive digital economy. These directives specifically govern open finance services, paving the way for authorized access to customer and business bank accounts for payments and banking data-related services.
Jordan Ahli Bank’s proactive steps towards embracing open banking not only position the institution at the forefront of financial innovation but also contribute significantly to the modernization of the broader banking landscape in Jordan. The collaborative efforts with Fintech Galaxy underscore a shared vision for a secure, interconnected, and technologically advanced financial future.
“We are thrilled to have partnered with Fintech Galaxy for Open Banking and Open Finance compliance,” said Dr. Ahmad Al-Hussein, CEO of Jordan Ahli Bank. “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, also commented: “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.”
To know more about other trending usecases in the US financial services industry, like Generative AI, Open Banking, Buy Now Pay Later (BNPL), explore our other insights.
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