INVESTBANK and Fintech Galaxy Pioneering Open Banking Compliance: A New Era of Financial Innovation

INVESTBANK and Fintech Galaxy Pioneering Open Banking Compliance: A New Era of Financial Innovation

In a significant move towards modernizing financial services, INVESTBANK, a prominent financial institution in Jordan, has announced its partnership with Fintech Galaxy, a leader in Open Banking solutions. This collaboration aims to align with the evolving standards of Open Banking and Open Finance in the region, ultimately enhancing digital customer experiences through improved accessibility, speed, and simplicity.

Objectives of the Partnership

The alliance between INVESTBANK and Fintech Galaxy is strategically aimed at:

  • Ensuring compliance with the latest financial regulations.
  • Integrating seamlessly into Jordan’s Open Finance ecosystem.
  • Enhancing the digital offerings available to customers.

Fintech Galaxy’s Role

Fintech Galaxy has recently received approval from the Central Bank of Jordan to test its Open Banking APIs within a regulatory sandbox. This places the firm in a prime position to assist INVESTBANK in meeting compliance requirements effectively. The company offers FINX Comply, a cloud-based suite of services tailored for Open Banking compliance. Key features include:

  • Management tools for Third Party Providers (TPPs).
  • Comprehensive dashboards for monitoring TPPs and bank interactions.
  • Consent Management based on regional standards.

Benefits for INVESTBANK

Following the announcement of their partnership, INVESTBANK is set to implement FINX Comply across its services. The bank plans to utilize:

  • AIS (Account Information Services) for secure sharing of customer financial data.
  • PIS (Payment Initiation Services) to facilitate direct bank payments through regulated fintech solutions.

The consent management feature will empower customers by allowing them to control their data-sharing permissions, enhancing their trust and confidence in digital banking services.

Enhanced Operational Efficiency

Through this integration, INVESTBANK aims to:

  • Reduce compliance costs.
  • Enhance operational efficiencies.
  • Access new revenue opportunities.
READ ALSO  Revolutionizing Finance: Leveraging AI for Superior UBO Detection and Compliance

This strategic move is expected to optimize offerings in prime banking, wealth management, and payments, ultimately ensuring faster and more secure digital transactions for customers.

Conclusion

The partnership between INVESTBANK and Fintech Galaxy marks a pivotal step towards embracing modern financial practices in Jordan. As they work together to meet compliance and enhance customer experience, the financial landscape in the region is set to become more dynamic and customer-centric.

For more insights on Open Banking and financial technology developments in the region, visit The Paypers.

Similar Posts

European RegTech Market Sees Halved Deal Activity in 2024, No Transactions Exceeding $100M

European RegTech Market Sees Halved Deal Activity in 2024, No Transactions Exceeding $100M

Bysupport

In 2024, the European RegTech market experienced a significant downturn, with total funding plummeting to $724 million across 111 deals, a 53% drop from 2023’s $1.5 billion. Deal volume also fell by 50%, reflecting cautious investor sentiment. Notably, there were no deals exceeding $100 million, contrasting with previous years. All funding came from transactions under this threshold, marking a 21% decline from the previous year. However, Kaizen secured a substantial minority investment of $54.1 million from Guidepost Growth Equity, enhancing its regulatory compliance solutions and expanding its market presence.

Unlocking DeFi's Future: How Tokenized Assets Will Revolutionize the Casino Economy

Unlocking DeFi’s Future: How Tokenized Assets Will Revolutionize the Casino Economy

Bysupport

Vitalik Buterin’s recent comments on decentralized finance (DeFi) highlight its reliance on speculative trading, likening it to an ouroboros—unsustainable and circular. Echoing this, ChainLinkGod suggests that DeFi’s future lies in integrating traditional capital markets on-chain. Current DeFi mainly focuses on speculation, limiting its demand and growth potential. To evolve, the sector should prioritize tokenizing real-world assets, which could unlock significant capital from traditional markets. Stablecoins, like USDC, are vital for demonstrating demand in this area. By transitioning to tokenized assets, DeFi can move beyond speculation and foster sustainable growth in global finance.

Will 2025 Mark the Rise of the Chief AI Officer?

Will 2025 Mark the Rise of the Chief AI Officer?

Bysupport

As AI revolutionizes the financial sector, institutions grapple with governance, oversight, and integration challenges. Experts predict that many organizations will establish the Chief AI Officer (CAIO) role by 2025 to enhance oversight and ethical management of AI technologies. Jon Elvin from Saifr highlights AI’s growing importance in board discussions, while Kate Horgan from Zeidler Group questions the necessity of a dedicated CAIO, suggesting existing leadership structures can manage AI governance. The debate reflects varied approaches to AI oversight, with projections showing financial AI spending could rise significantly by 2027, emphasizing the need for effective leadership in AI strategy and compliance.

UAE FinTech Klaim Raises $26 Million to Accelerate Regional Growth and Innovation

UAE FinTech Klaim Raises $26 Million to Accelerate Regional Growth and Innovation

Bysupport

UAE-based Klaim, a healthcare payments solutions provider, has secured $10 million in Series A equity funding and an additional $16 million for regional expansion. This investment aims to strengthen Klaim’s presence in the UAE and facilitate entry into Saudi Arabia and Oman. The funding will enhance innovation in healthcare finance by streamlining medical insurance claim payments, allowing providers to receive payments within 24 hours. CEO Karim Dakki highlighted that this funding validates Klaim’s vision and will support rapid scaling. Klaim’s solutions aim to optimize financial processes for healthcare providers and improve patient care in the MENA region.

Hitachi Payment Services Partners with Spydra to Revolutionize CBDC and Web 3.0 Payment Solutions

Hitachi Payment Services Partners with Spydra to Revolutionize CBDC and Web 3.0 Payment Solutions

Bysupport

Hitachi Payment Services has announced a minority investment in Spydra Technologies to enhance its payment infrastructure with blockchain solutions, improving transaction efficiency, security, and fraud prevention. This collaboration, part of the Hitachi Payments Accelerator (HPX) Program, aims to revolutionize payment capabilities, including cross-border transactions and real-time settlements. Spydra Technologies specializes in scalable blockchain solutions, focusing on real-world asset tokenization and customizable financial products. Industry leaders see this partnership as a significant step towards advancing digital payment innovation and fostering financial inclusion. The HPX Program supports various FinTech innovations, from embedded finance to AI and Web 3.0 technologies.

Klarna and OnePay Join Forces to Revolutionize Walmart Installment Loans in the U.S.

Klarna and OnePay Join Forces to Revolutionize Walmart Installment Loans in the U.S.

Bysupport

Klarna has partnered with OnePay, a consumer finance app, to offer exclusive installment loans for Walmart purchases in the U.S. This collaboration aims to enhance the shopping experience by providing flexible payment options both in-store and online. The integration of OnePay’s services into Walmart’s checkout is expected later this year, allowing customers to finance various products, including electronics. Klarna’s CEO, Sebastian Siemiatkowski, called the partnership a game changer, while OnePay’s CEO, Omer Ismail, stressed the importance of accessible credit options. Approved customers can choose repayment plans between 3 to 36 months, improving their purchasing flexibility.