Investbank taps Fintech Galaxy for open banking compliance in Jordan
Amman-headquartered Investbank has partnered with Fintech Galaxy to meet the compliance requirements of Jordan’s open banking and open finance standards, which went live earlier this year.
Investbank will implement Fintech Galaxy’s Finx Comply solution
Through the agreement, Investbank will tap Fintech Galaxy’s Finx Comply solution. The pre-configured, cloud-based compliance solution enables customer financial data to be shared securely with authorised third parties through account information and payment initiation service APIs, and also features consent management and third-party provider management tools.
According to a statement from Fintech Galaxy, Finx Comply will enable Investbank to “reduce compliance costs, streamline operations, and unlock new revenue opportunities while offering faster, more secure digital transactions”. The implementation is also expected to enhance the bank’s prime banking, wealth management and payment offerings.
The technology is set to enable Investbank, with $2.8 billion in assets, to adhere to the open banking and open finance standards launched by the Central Bank of Jordan in February, which mandate the adoption of standardised APIs for account information and payment initiation among the country’s financial institutions.
Fintech Galaxy, led by founder and CEO Mirna Sleiman, has been a key enabler of compliance with these standards, and in January this year, was marked as the first open banking provider in Jordan to gain the approval to test open banking APIs in the central bank’s regulatory sandbox.
Prior to this, the UAE-based vendor worked to help Jordan Ahli Bank achieve compliance with the then-upcoming standards through its Finx platform via a partnership deal inked at the end of 2023.
