The Bank of Jordan has expanded its custody service for foreign institutional investors to include Palestine, becoming the largest bank to do so. Joining other cross-border providers like Cairo Amman Bank, and various small local providers, the Bank of Jordan has already been issued a custody licence from the Palestine Capital Markets Authority.

To support the move, which is effective from 1 February, the bank has also purchased a custody platform from Polaris Financial Technology, allowing clients access to straight through processing, settlement failure reporting and monthly settlements statistics. The system, called Intellect, is SWIFT compliant and incorporates elements of transaction settlement, asset servicing, and reporting into the custody service.

The bank is now accepting RfPs and due diligence visits from potential clients.