- New system to enable banks and other financial entities to securely share information to support customer engagement applications and deliver promising customer experiences
Dubai: In line with Jordan’s national agenda, Jordan Payments & Clearing Company (JoPACC) announced a strategic partnership with Software AG (Frankfurt MDAX: SOW) and Technology Strategies ME (TSME) to accelerate the country’s financial inclusion through the launch of its application interface management (API) via Software AG’s leading technology webMethods. With this, JoPACC becomes one of the leading entities to incubate market conditions for the launch of the first digital service of its kind that will enable JoPACC to provide and offer its participants a safe and easy way to integrate with multiple integration formats aiming to perform transactions.
The new infrastructure will enable JoPACC to offer a suite of unified and standardized APIs for the integration of services with entities such as government organisations for digital onboarding. JoPACC has already planned for other services and use cases in collaboration with market players that aim to improve participants’ customer experience and different products, benefiting from optimized operations through streamlined processes, standardized delivery mechanisms and business agility through continuous and seamless delivery.
“The fast-paced technological change is advancing and reshaping fintech rules. We want to embrace innovation opportunities presented by APIs and provide a solid foundation for the financial sector empowered by interconnectedness and interoperability of services to grow and prosper and revolutionize end user experiences. The new addition to our system will not only enable our clients to expand securely, but will also enhance cross-collaborations, advance payment strategies and boost the country’s digital economy”, said Ms. Maha Bahou, CEO of JoPACC. “Software AG’s platform integrates the system and provides the needed end-to-end control and visibility of processes to deliver a comprehensive and trusted view of the business. The new strategy will securely enable service providers to optimize data sharing and payments flexibility and bring substantial benefit to end users, in addition to unveiling open banking opportunities in the future.”
“The region’s financial services sector has seen a rise in Fintech services growing significantly over the past years and has led to the emergence of innovative business models. Our API Management Platform will not only protect the country’s multiple financial services but will also open newer opportunities to engage with the industry”, said Rami Kichli, Vice-President, Gulf and Levant at Software AG. “We are delighted to partner with JoPACC and support their agenda on financial innovation through the new platform. We look forward to continuing our role in the realm to revolutionize and empower institutions to break down financial barriers, advance core capabilities, and unlock opportunities for every financial ecosystem participant in this new era.”
Commenting on the implementation, Firas Saifan, Executive Director, Technologies Strategies Middle East said: “Our 15+ years of partnership with Software AG as their counsel for the region is soaring newer heights with the first implementation in Jordan. Founded on our strong understanding of the regional landscape and shared vision of the two companies, together, we continue to accelerate digital transformation aligning to the region’s digital agenda. We promise to continue leveraging our proven success for winning outcomes.”
The new partnership is in line with JoPACC’s key strategic objectives to harness digital innovation and provide invaluable financial services by fully embracing technology to support the welfare of the country, its citizens and economic performance. JoPACC is a private shareholding company mandated with establishing and developing digital retail and micropayment systems and investing in innovative technology and digital financial solutions, along with knowledge management and business analytics.
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© Press Release 2021