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The Central Bank of Jordan (CBJ) has introduced two new regulatory updates aimed at payments processors operating in the country.
One new circular sets out mandatory communication methods for electronic payment and transfer firms, with firms needing to comply by February 1, 2025.
Companies are required to submit an official email address for their compliance monitoring unit and provide a list of email addresses for their chairman and board of directors to the CBJ.
The circular specifies that official notifications from the CBJ will be directed to the chairman’s email address and outlines communication channels for key matters, including payment system supervision, inspections, audit reports, licence applications and winding-up procedures.
In a separate announcement, the central bank has redefined the classification of payment systems.
Under the updated criteria, only centralised real-time gross settlement and securities settlement systems will be deemed systemically important.
Payment systems handling more than 500,000 transactions annually with a value exceeding JOD10bn ($14bn) will be classified as systems of interest.
