Regulatory Alerts2022-11-28
Added · Updated
Regulating Open Finance Services Procedures Instructions No. (12/2022)
The Central Bank of Jordan enforces Instructions No. (12/2022) regulating open finance services, requiring all licensed banks and electronic payment companies in the Kingdom to reconcile with these provisions within one year. The document establishes governance responsibilities for boards and senior management, mandates a comprehensive open finance services policy, and imposes strict risk management and contracting obligations for Third Party Providers. It specifies technical API requirements, including security controls, data access logs, and performance indicators, while defining detailed standards for Account Information and Payment Initiation Service Providers.
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