JoPACC Is Handed Over the Operation of the ECCU and ACH Payment Systems
In cooperation with the Central Bank of Jordan and all banks operating in the Kingdom, and in line with the core mandate entrusted to the Jordan Payments and Clearing Company (JoPACC) to operate and develop payment systems and digital financial solutions in Jordan, JoPACC successfully launched an upgraded version of the Electronic Cheques Clearing Unit (ECCU) system, which automates cheque clearing operations between banks. Furthermore, the system and its operational processes have been successfully transferred from the Central Bank to JoPACC. This upgrade was preceded by efforts to determine the needs of system members, including banks and the Central Bank of Jordan, which were met through the new upgrade on the system.
JoPACC, in continuation of its mission to operate payment systems in the Kingdom, completed the required procedures to assume the operation of the Automated Clearing House (ACH) system from the Central Bank of Jordan last month. This system is designated to execute Low and medium-value debit and credit money transfers between banks. The transfer process entailed conducting extensive tests with all banks in Jordan to confirm that they were all properly connected to JoPACC’s infrastructure, which had been accomplished under the supervision and support of the Central Bank of Jordan.
In this context, the Central Bank's diligent supervision of the process of transferring these systems is highly commendable. CBJ provided JoPACC with competent training teams to ensure a successful and smooth migration of these systems.
Following the successful transfer of the above-mentioned two systems, JoPACC now directly operates four major payment systems in the Kingdom, which are the Mobile Payment Switch (JoMoPay), the Instant Payment System (CliQ), the Automated Clearing House (ACH), and the Automated Cheques Clearing Unit (ECCU). In order to maintain the highest levels of coordination and cooperation in the financial sector, JoPACC adopts a participatory approach with the Central Bank and all banks in the Kingdom to develop its payment systems and innovate new solutions. Through the management and operation of these systems and the infrastructure it owns, JoPACC works to connect all financial institutions with each other and with other entities, enabling them to exchange information and expand the scope of financial services.