In a significant development, Qatar Central Bank (QCB) has granted eligible payment service providers the ability to open accounts directly with the central bank. This new policy allows them direct access to the Real-Time Gross Settlement System (QA-RTGS), bypassing the need for intermediaries in their settlement operations. The first two companies to benefit from this initiative are SADAD Payment Solutions and Dibsy, marking a pivotal step in enhancing the efficiency of financial transactions in Qatar.
The introduction of this system is expected to streamline settlement processes, thereby reducing operational costs for both payment providers and merchants. By diminishing the number of intermediaries, the new framework not only simplifies procedures but also accelerates the speed of financial transactions, making the entire payment process more efficient.
Moreover, this direct access arrangement is set to bolster the Qatar Central Bank’s oversight capabilities regarding settlement operations. This move supports the ongoing development of Qatar’s payment infrastructure and its digital financial ecosystem, aligning with the objectives laid out in Qatar’s Third Financial Sector Strategy.
Under the new framework, other eligible payment service providers will have the opportunity to gain similar direct access to the QA-RTGS, provided they adhere to the necessary conditions and procedures set by the QCB. This initiative is a significant stride towards modernizing Qatar’s financial landscape and fostering a more efficient and transparent financial sector.
