JoPACC launches a new system for instant payments “CliQ”
The Jordan Payments and Clearing Company announces the launch CliQ; Jordan’s newest payment system. CliQ holds the potential to revolutionize the local payments ecosystem, through leveraging international requirements for financial market infrastructures and cutting-edge payment standards. Through CliQ, near-real time interbank fund transfers are now possible for Jordan’s bank customers.
The primary motivation for launching CliQ is the demand for accelerated retail payments, to enable the flow of funds between the accounts of the sender and receiver in near-real time. Ultimately, CliQ will enhance the efficiency of the financial system in Jordan, reduce the reliance on cash transactions through offering a convenient and accessible alternative, and increase the velocity of money in the Jordanian market and reduce liquidity pressures.
Banks participating in CliQ will extend several key services to their individual and corporate clients: instant fund transfers, request to pay, and return payments. Clients can opt to transact through IBAN, and through mobile numbers and aliases, where a user can assign the same alias and/or mobile number for accounts they hold at different financial institutions, identifying one account as the default for receiving payments. CliQ is interoperable by design, with 24/7 service availability, and offers confirmation of credit receipt. Bank clients can now transfer money and make payments around the clock, in a matter of seconds and with utmost confidence. Furthermore, CliQ allows the sender to verify the recipients’ details before completing the transfer.
CliQ is owned and operated by JoPACC and falls under the supervision of the Central Bank of Jordan. As of today, three banks are participating on the system: Arab Bank, Bank Al Etihad and Arab Jordan Investment Bank.