The Jordan Open Finance Standards

Jordan Payments & Clearing Company • Jordan

The Jordan Open Finance Standards are designed to simplify and unify workflow models in the financial sector, enabling fintech startups to integrate seamlessly with financial institutions through a single, standardized set of APIs. This removes the need to work with multiple, institution-specific APIs, which often differ in data models, formats, infrastructure, and systems.

General Info

Owner

Jordan Payments & Clearing Company

Region

Jordan

Scope

Banking

Account information
Extended services
Payment initiation services
Product information

Principles

Scope of Financial Institutions: The Open Finance regulations apply to all licensed banks and Payment Service Providers (PSPs) operating in Jordan.
Mandatory Access: All financial institutions must provide Third Party Providers (TPPs) access to customer data through APIs, provided customer consent has been obtained.
API Coverage: TPPs may access a range of customer account data, including transaction histories, account details, and other relevant financial information.
Applicable TPPs: The rules cover both Account Information Service Providers (AISPs), which retrieve customer data, and Payment Initiation Service Providers (PISPs), which enable third parties to initiate payments.
Technical and Security Standards: Banks and PSPs are responsible for defining and documenting the technical and security framework for Open Finance services, following industry best practices.
Open Finance Policy Requirements: Banks and PSPs must develop detailed written policies covering data sharing, security controls, and contractual arrangements with TPPs, including the roles and responsibilities of boards and senior management in overseeing Open Finance services.
Risk Management Obligations: Banks and PSPs must identify, assess, and manage risks associated with contracts with TPPs and the delivery of Open Finance services.
Authentication and Compliance: Due diligence must be carried out to verify the identity of TPPs, and the rules also include requirements related to data privacy and consumer protection.
Commercial Model: Banks and PSPs may charge for API access; however, no specific guidance has yet been issued regarding pricing structures or fee models.