Regulatory Alerts2022-11-28
Added · Updated
Regulations Governing Open Finance Services Procedures
The Central Bank of Jordan issues regulations requiring all licensed banks and electronic payment companies to establish governance, risk management, and API standards for Open Finance Services. Entities must secure explicit customer consent before sharing data with Third-Party Providers, maintain written contracts, and notify the regulator within 15 days of any such agreements. The rules mandate specific technical controls for Application Programming Interfaces, including sandbox testing, encryption, and session management, while imposing strict due diligence and security obligations on Account Information and Payment Initiation Service Providers.
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