CliQ – Instant Payment System
CliQ, Jordan’s newest Instant Payment System, was launched by JoPACC in Q2 2020. CliQ, which is based on the ISO 20022 messaging standard, leverages cutting edge international principles of financial market infrastructure, making it a valuable addition to JoPACC’s payment systems. In the first stage, participation to CliQ will be exclusive to banks in Jordan, enabling instantaneous fund transfer between bank clients’ accounts.
CliQ aims to increase liquidity in the Jordanian market, offer an attractive alternative for cash payments, and accelerate the cycle of cash flow in the Jordanian economy. It is equipped with three primary services: Single Credit Transfer, Request to Pay, and Return Payments.
Through Single Credit Transfer, clients of financial institutions can transfer money and make payments to other clients instantly, with the option for notification of receipt of payment by the payee. CliQ supports multiple payment addressing modes, including IBAN, alias, and phone number. Payers can also verify the payment address information before completing the transaction.
Request to Pay allows payees, or third-party providers, to send a request for payment directly to the payer’s account. The payer has the option to accept or reject this request. Request to Pay opens up the doors to a variety of innovations that could be built on top of the CliQ platform, and could be seen as a milestone for Jordan’s Payment Technology ecosystem.
CliQ also enabled payees to return received payments to the originator, with the choice of returning any amount less than or equal to the original payment. This improves the traceability of returned transactions and offers an additional layer of convenience and ease to clients of financial institutions.
CliQ brings the fascinating world of instant payments to Jordan’s financial institutions, their clients, FinTech startups, and the overall digital economy. Its diverse, and technologically advanced nature will enable the platform to be utilized across a variety of use cases. Five banks have so far connected to CliQ. These are Arab Bank, Bank al Etihad, AJIB, Bank of Jordan, and Housing Bank. The future of Jordan’s digital economy will have a lot of CliQ in it.