The Qatar Central Bank (QCB) has introduced a significant change by allowing select payment service providers to open accounts directly with the bank. This development grants these providers direct access to the country’s Real-Time Gross Settlement System (QA-RTGS), enabling them to carry out settlement operations without the need for intermediaries. The first to benefit from this new system are SADAD Payment Solutions and Dibsy, marking a pivotal step in streamlining financial transactions in Qatar.
This initiative aims to simplify the settlement process, which is expected to reduce operational costs for both payment providers and merchants. By reducing the number of parties involved in transactions, the measure promises to make financial operations faster and more efficient. This direct access not only facilitates smoother operations but also enhances the Qatar Central Bank’s ability to oversee settlement processes, thereby strengthening regulatory control.
The move is part of Qatar’s Third Financial Sector Strategy, which focuses on advancing the country’s payment infrastructure and digital financial ecosystem. By inviting eligible payment service providers to join the QA-RTGS, the initiative supports the broader goal of modernizing financial services in Qatar, paving the way for a more robust digital financial landscape.
Other payment service providers that meet the necessary conditions and procedures will also be able to gain direct access to the QA-RTGS. This inclusive approach is expected to foster competition and innovation within the financial sector, ultimately benefiting consumers and businesses alike by offering improved transaction services.
