Regulatory Alerts2020-04-02
Added · Updated
Central Bank of Jordan Circular on STP and Parameter Codes
The Central Bank of Jordan issued Circular No. 1901/2019 to mandate the use of specific purpose codes and parameter definitions in transaction reporting by licensed financial entities. Financial institutions are required to implement these guidelines immediately to ensure accurate data entry and adherence to specified formats. Failure to comply with these standards may result in regulatory sanctions or other enforcement actions.
CENTRAL BANK OF JORDAN
Circular No. 1901/2019
Regarding the Standard Payment (STP) and Parameter Codes
The Central Bank of Jordan issues this circular to clarify the procedures and requirements for Standard Payment (STP) and the associated parameter codes used in financial transactions. This directive aims to standardize operations and ensure compliance with regulatory standards across financial institutions.
The circular outlines the specific purpose codes and parameter definitions that must be utilized in transaction reporting. It emphasizes the importance of accurate data entry and adherence to the specified formats to facilitate efficient processing and monitoring.
Financial institutions are required to implement these guidelines immediately to ensure full compliance with the Central Bank's regulations. Failure to adhere to these standards may result in regulatory sanctions or other enforcement actions.
This circular serves as a comprehensive guide for all licensed financial entities operating within Jordan, ensuring uniformity and transparency in payment systems.