The Jordan Payments and Clearing Company, a private shareholding company, is a domestic payment system operator that manages and develops several payment systems, introduces innovative digital financial solutions that directly benefit end-users, and produces and disseminates knowledge about digital financial services in Jordan. In 2022, we expanded our operations to enable fintech innovation by launching JOIN Fincubator, a fintech incubator that fosters the development, testing, and creation of fintech products and services.
Our company was established in 2017 and is owned by the Central Bank of Jordan (CBJ) and all commercial banks in Jordan, currently 21 banks, with a capital of 12 million JOD. Our clients are commercial banks and payment service providers (PSPs) who connect to JoPACC's payment systems to offer financial services to their clients: the end-users. We have within our portfolio five payment systems: CliQ, JoMoPay, eFAWATEERcom, ACH, and ECCU.
We also introduce innovative digital solutions and standards that enhance the quality, diversity, and usability of financial services in the Jordanian market. We further offer a full suite of services for fintech entrepreneurs to enable them to develop and launch their fintech products and solutions through our JOIN Fincubator. Moreover, we produce knowledge on current services to increase financial awareness and inform decision-making in the financial sector, in addition to payment system reports, market surveys, research papers, user handbooks, and awareness content.
We firmly believe in the impact of financial inclusion on the well-being of individuals and societies, and we endeavor to elevate the financial experience of users, making financial services digital, instant, seamless, convenient, and available around the clock. We put particular emphasis on improving the financial lives of marginalized population segments (women, youth, and refugees) and work with the government, local entities, and international development agencies to ensure their equitable access to digital financial services. We are committed to international standards that aim to preserve the safety, efficiency, and resilience of payment systems in alignment with the Principles for Financial Market Infrastructures.
Vision , Mission and Values
In February 2015, the World Bank advised the Central Bank of Jordan (CBJ) to upgrade the legal framework around the management and operation of payment systems in Jordan. To enhance governance in the financial sector, the World Bank recommended segregating the operation and oversight functions at CBJ to position it as a regulator, overseer, and catalyst of change in the payments value chain. Additionally, their recommendations covered the role of the existing National Payments Council as only an advisory and consultative body while the operations and development of the payment systems are to be migrated to an autonomous entity. This entity shall consist of the CBJ and banks while allowing for future non-bank membership and shareholding when the CBJ decides to divest its share and exit the company.
On the 16th of January 2017, the CBJ and the 25 banks operating in the kingdom at that time agreed to establish the “Jordan Payments and Clearing Company - JoPACC”, a Private Company Limited by Shares based in Amman- Jordan. The authorized Company Share Capital is (12,000,000) twelve million Jordanian Dinars, subdivided into (12,000,000) twelve million shares; the value of one share is one Jordanian Dinar.
Areas of Work
We work in four key domains, enhancing the digital financial ecosystem and strengthening its performance and positioning.