JoPACC's Position

JoPACC is a payment system operator licensed to conduct its operations in Jordan by the Central Bank of Jordan. As such, JoPACC has taken it upon itself to ensure the highest levels of safety, efficiency, and resilience of the payment systems under its operations. To ensure that its operation of payment systems is aligned with international best practices, JoPACC has incorporated the Principles of Financial Market Infrastructures into its Risk Management Framework. 

It is worth noting that the PFMIs primarily address SIPS. SIPS are payment systems which have the potential to trigger or transmit systemic disruptions; these include, among other things, systems that are the sole payment system in a jurisdiction or the principal system in terms of the aggregate value of payments, and systems that mainly handle time-critical, high-value payments or settle payments used to effect settlement in other FMIs[2]. 

Thus, none of JoPACC’s systems can be deemed as SIPS, neither have they been designated as such by the Central Bank of Jordan. That being said, JoPACC has voluntarily aligned itself with the PFMIs to ensure the highest levels of safety, efficiency, and resilience for its payment systems and ensure the compliance of Jordan’s National Payment System with international standards and best practices.