The Central Bank of Jordan (CBJ) started running live today, ProgressSoft's Mobile Payment Switch & Clearing Platform (PS-mpClear), to serve help fulfill CBJ's Switching, Clearing and Regulatory roles.
After evaluating several international bidders, CBJ awarded ProgressSoft to be the provider for this major platform on which all future mobile payment services will rely and utilize to settle the transactions between the users. Without a doubt, ProgressSoft's successful past experience in real-time payments and clearing systems with 350 banks, in 24 countries and 9 Central Banks including CBJ, helped in making this decision process smoother.
In addition, ProgressSoft made sure to deliver all the features that the bank will need to have a complete platform that responds to all their needs, including the switching, the clearing and the regulatory roles.
PS-mpClear supports processing and switching mobile financial and non-financial transactions in STP basis and routing messages between multiple mobile payment service providers ensuring interoperability.
PS-mpClear empowers CBJ to regulate mobile payments and the key participants by monitoring the cash flow and overseeing all the transactions, including micro payments. With this approach, CBJ will oversee the financial stability of the provider(s) of the mobile payment services and assure their compliance with CBJ's regulations.
ProgressSoft's PS-mpClear fully commands its Switching, Clearing and Regulatory roles. Some of the features of those roles include single financial transaction switching and processing, clearing of transactions between different financial institutions and integration with the settlement system. In addition, it is offered to the whole population, banked and unbanked to join the mobile payment Eco-system and it operates on a 24/7 basis.
Monitoring over micro payments can take place through PS-mpClear, allowing collection of statistical MIS data for micro finance. By offering mobile payment options to un-banked users, micro-financing can extend to that substantial segment. Financial inclusion of low-income groups is attained. This ultimately creates a positive impact on the economy and the GDP.
In terms of its regulatory role, PS-mpClear enables CBJ to hold a national record for each single user and mobile account information. Furthermore, it enforces debit caps, monitoring and tracking of mobile payment transactions, mobile payment transaction limits, number of wallets and accounts per user type and much more.
Being the innovator and the first to launch a successful countrywide mobile payment clearing solution; ProgressSoft was capable of offering unmatched consultancy services in the field of Mobile Payment Switching & Clearing, offering the knowledge and placing it at CBJ's disposal.