10 Banks participate on CliQ System for Instant Payments
The Jordan Payments and Clearing Company announced that a total of ten banks have joined CliQ; JoPACC’s instant payment system. CliQ was launched in June 2020 and allows instant payment and money transfer between bank accounts in Jordan using the ISO 20022 standard. CliQ offers three key services: instant fund transfer, request to pay, and return payment. CliQ has distinctive features for its users, including the possibility of transferring via an alias of the sender and the recipient and not only via IBAN, which facilitates and speeds up data entry in the transfer process, and the ability to verify and confirm the name of the recipient before completing the transfer process, and to inquire about the arrival of the transfer. Moreover, the service is interoperable, enabling transfers between accounts in the various participating banks, and is available 24/7. In addition, the limit of each transaction is 10,000 JOD, which expands payment transactions for a wider range of services and commercial operations. CliQ services are currently provided free of charge to clients by most banks.
The ten banks that launched CliQ are Arab Bank, Bank al Etihad, Bank of Jordan, Housing Bank, Jordan Islamic Bank, Ahli Bank, Capital Bank, Jordan Commercial Bank, Jordan Kuwait Bank, and National Bank of Kuwait. Furthermore, and before the end of this month, five more banks will launch the service, including Egyptian Arab Land Bank, Invest Bank, Safwa Bank, Arab Jordan Investment Bank, and the Arab Banking Corporation. All other banks in Jordan will follow during the current year, as per the Central Bank’s directions to all 24 banks in the Kingdom to participate in the service to activate and expand instant payments and enhance offered financial services.
The number of users of CliQ has reached nearly 60,000 so far, and more than 4.3 million Jordanian dinars have been traded since the launch of the system nine months ago. On the customer experience, users applauded the swift delivery of funds at all times and the ease of managing financial transactions and settling financial obligations. CliQ comes at a time when the demand for digital financial services is constantly increasing due to the risks associated with using cash and the limited movement under the current circumstances, making it an ideal solution to facilitate secure, instant, digital payments.
For more information on CliQ, please click here.