INVESTBANK, a Jordanian financial institution, has partnered with Fintech Galaxy, a leading provider of Open Banking solutions in Jordan.
According to The Paypers, this collaboration aims to ensure compliance with Open Banking and Open Finance standards in the region, aligning with INVESTBANK’s goal of enhancing digital customer experiences by optimising simplicity, speed, and accessibility.
The partnership was formed to facilitate INVESTBANK’s compliance with evolving financial regulations and integration into Jordan’s Open Finance ecosystem. Fintech Galaxy, having received approval from the Central Bank of Jordan to test Open Banking APIs in the regulatory sandbox, is poised to support INVESTBANK in meeting these compliance requirements effectively.
Fintech Galaxy offers FINX Comply, a cloud-based suite of Open Banking compliance services introduced in 2024. This platform is designed to provide secure, cost-effective, and quick-to-market compliance services to banks, financial institutions, and insurance companies across the UAE region.
FINX Comply includes tools for TPP (Third Party Provider) management, comprehensive dashboards for TPPs and banks, and Consent Management based on regional standards. These features are essential for banks and financial institutions as they integrate with centralised API platforms provided by Central Banks. Through FINX Comply, institutions can develop new API products and monetisation options, including Personal Financial Management (PFM) apps, Pay by Bank, VRPs, and SME credit scoring.
Following the partnership announcement, INVESTBANK plans to implement FINX Comply in its services. The bank will leverage AIS (Account Information Services) and PIS (Payment Initiation Services) APIs to securely share customer financial data and facilitate direct bank payments through regulated FinTech. Additionally, the consent management feature will allow customers to control their data-sharing permissions.
Through this integration, INVESTBANK aims to reduce compliance costs, enhance operational efficiencies, and access new revenue opportunities. This will support the bank in optimising its offerings in prime banking, wealth management, and payments, ensuring faster and more secure digital transactions.
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