The Qatar Central Bank (QCB) has initiated a significant change by permitting eligible payment service providers to establish accounts directly with the central bank. This move grants them direct access to the Real-Time Gross Settlement System (QA-RTGS), enabling more streamlined settlement operations by eliminating the need for intermediaries. This development marks a step forward in enhancing the efficiency of financial transactions within the country.
SADAD Payment Solutions and Dibsy are the first two companies to benefit from this new framework, which is anticipated to bring down operational costs for both payment providers and merchants. By simplifying the settlement processes and reducing the number of parties involved, the initiative aims to make financial transactions not only faster but also more cost-effective. This is part of a broader effort to fortify Qatar’s payment infrastructure and advance its digital financial ecosystem.
The direct access granted to payment providers will also enable the Qatar Central Bank to exercise stronger oversight over settlement operations. This oversight is crucial for maintaining the integrity and security of financial transactions as the country’s financial sector continues to evolve. The move reflects a strategic effort to align with Qatar’s Third Financial Sector Strategy, which focuses on modernizing financial systems and infrastructure.
Looking ahead, other eligible payment service providers will have the opportunity to gain similar direct access to the QA-RTGS. However, they must first fulfill the necessary conditions and procedures established by the central bank. This initiative underscores Qatar’s commitment to fostering a more robust and efficient financial sector, which is essential for supporting the nation’s economic growth and digital transformation goals.