In February 2015, the World Bank advised the Central Bank of Jordan to upgrade the legal framework around the management and operations of the payment systems to enhance the governance, and to segregate between the operations and the oversight in order to position itself in the payments value chain as a regulator and overseer along with a facilitator and catalyst of change. Their recommendations covered as well the role of the National Payments Council as only an advisory and consultative body; while the operations and developments of the payment systems to be migrated to an autonomous entity consisted of the CBJ and banks while allowing for future non-banks membership and shareholding when the CBJ decides to divest its share and exit the market.
On the 16th of January 2017, the CBJ along with the 25 banks operating in the kingdom have agreed to establish a private shareholding Company "Jordan Payments and Clearing Company", 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.
The main objective of the company is to establish and develop digital retail and micro payments along with the investment in the innovative technology and digital financial services.
JoPACC’s Position and Role in Facing the Challenges
JoPACC is well positioned to capitalize on the already developed infrastructure and to optimize the benefits of the opportunities in the market. On the other hand, it is well positioned to address many of the challenges. JoPACC leverages its relationships with businesses, governments and the nonprofit sector to share insights, mitigate risks and protect customers, and help others bring solutions to scale.
At the heart of JoPACC's work is integrating customers, banks, partners, and government needs with new technologies and business models, while understanding the importance of enabling financial innovations to promote access, quality, and usage.