AMMAN — Executive Director of the National e-Payments System Supervision and Control Department at the Central Bank of Jordan (CBJ), Ghassan Abu Shehab, said on Thursday that the "Click Plus" service for cross-border transfers, which will be launched soon in Jordan, will be implemented in the first phase through exchange companies, in cooperation with electronic payment companies

 

Abu Shehab added that the service will be in cooperation in cooperation with electronic payment companies (e-wallet service providers) within the instant payment system dedicated to this purpose, the public service TV Al Mamlaka, reported.

 

The second phase will be to deal with banks to reach an integrated framework that includes all financial institutions licensed by the Central Bank in sending and receiving cross-border remittances almost immediately, according to the executive director.

 

He stressed that this service is subject in all its stages to the supervision and control of the Central Bank, and is in line with the requirements of the Anti-Money Laundering and Combating the Financing of Terrorism Law, and rises to the best international practices followed in providing cross-border remittance services.

 

Abu Shehab added that the service will entail a paid commission, but it is less expensive than the costs currently available on the international transfer channels currently available in the market, and international remittances in terms of sending or receiving will be carried out electronically and within a faster time frame than the traditional method.

 

He stressed that the electronic infrastructure for the digital transformation process in sending and receiving international remittances to and from Jordan through the "Click Plus" service will be ready by the end of this year.

 

This step by the CBJ comes in line with the objectives of the Economic Modernisation Vision (EMV), to achieve higher welfare for the citizen by accelerating the digital financial services provided and reducing the cost, as well as promoting the transformation to a digital society rather than cash.

 

This service will also contribute to increasing the volume of remittances from abroad and increasing their tracking capacity to enhance transparency and integrity in cross-border remittances.