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In 2022, the Central Bank of Jordan (CBJ) published instructions governing Open Finance services. According to the rules, banks – including payment and electronic transfer companies – will be required to open Account Information and Payment Initiation services to authorised third-party providers by the end of 2023.
To support the CBJ in navigating the essential issues of Open Finance, TESOBE was retained to deliver knowledge sessions to create a broader understanding of Open Finance concepts and technologies within the financial services sector.
Objectives
The workshop started with an introduction to APIs, their principles and benefits, and then delved into some of the intricacies of Open Banking APIs including customer consent flows.
We explored Open Finance and its potential to transform the way Jordanians access financial services. The participant’s engagement led to insightful discussions and created fruitful exchanges of knowledge, which will help prepare the market for the Open Finance rules.
Following the presentation, the audience engaged in a discussion regarding the CBJ’s new open finance framework.
Impact
The audience’s feedback was positive, both for the workshop and for the resulting discussion among stakeholders.
As planned, the session provided fundamental API knowledge to teams that will be responsible for introducing APIs to the sector. It answered common questions and doubts in the financial ecosystem and ultimately sparked the curiosity of attendees, who left the workshop feeling inspired and more prepared to face the transformation brought about by Open Finance.
Our work in Jordan centers around enhancing access to finance for Micro, Small, and Medium Enterprises (MSMEs) and fostering an enabling environment for MSME financing through innovative approaches. As a part of our comprehensive efforts at the GIZ and our commissioner the BMZ, we actively engage with regulators and local institutions, leveraging our international expertise and experiences, with a specific focus on leveraging new technologies. Recently, we organized an Open Finance Knowledge session conducted by TESOBE at CBJ, which proved highly valuable in equipping participants with fundamental knowledge and strategies to embrace and leverage the new Open Finance rules. We are delighted with the positive outcomes and the significant impact it has generated.
Our work in Jordan centers around enhancing access to finance for Micro, Small, and Medium Enterprises (MSMEs) and fostering an enabling environment for MSME financing through innovative approaches. As a part of our comprehensive efforts at the GIZ and our commissioner the BMZ, we actively engage with regulators and local institutions, leveraging our international expertise and experiences, with a specific focus on leveraging new technologies.
Recently, we organized an Open Finance Knowledge session conducted by TESOBE at CBJ, which proved highly valuable in equipping participants with fundamental knowledge and strategies to embrace and leverage the new Open Finance rules. We are delighted with the positive outcomes and the significant impact it has generated.
Conclusion
The Central Bank laid the first stone that forms the foundation of Open Finance in the country. By initiating dialogue within the financial sector, the CBJ encourages collaboration and mutual support among financial institutions.
As we move forward, we eagerly look forward to exploring new collaborations and leveraging our cutting-edge technology to support the financial ecosystem in Jordan and beyond.
Contact
For more information on Open Finance workshops and knowledge sessions, talk to us at: contact@openbankproject.com | @OpenBankProject | www.openbankproject.com
+49 (0)30 8145 3994
About TESOBE and the Open Bank Project
TESOBE GmbH is an independent company founded in Germany that assists banks in executing effective API strategies. The Open Bank Project started life in 2010 with the vision of enabling all banks to benefit from open innovation, open APIs, and wider access to fintech startups. It quickly scaled into the leading open-source API solution for financial institutions, spanning over 500 banking-specific APIs supported by 11,000 fintech developers worldwide with over 100 global banking customers.
About the Central Bank of Jordan
The Central Bank of Jordan (CBJ) was established in 1964 as a monetary authority that enjoys an independent and autonomous corporate identity. CBJ works on maintaining the monetary and financial stability in the Kingdom. It also acts as a Banker for banks and specialised lending institutions, as well as a Banker and fiscal agent of the government and official public institutions. Furthermore, the Central Bank takes measures necessary to solve financial and economic problems and it also advises the government on the formulation of the financial and economic policy in the Kingdom. CBJ is also responsible for setting rules and disciplines necessary for the way banks and financial institutions deal with their customers in a fair and transparent manner, in addition to raising the public awareness of banking and financial activities.
About Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) Jordan
As a service provider in the field of international cooperation for sustainable development and international education work, we are dedicated to shaping a future worth living around the world. GIZ has over 50 years of experience in a wide variety of areas, including economic development and employment promotion, energy and the environment, and peace and security. GIZ has been working in Jordan for over 40 years, and opened its office in the capital of Amman in 1979.