Qatar Central Bank enables direct QA-RTGS access for payment service providers
Qatar Central Bank (QCB) has enabled payment service providers to open accounts with the central bank and gain direct access to the Real-Time Gross Settlement System (QA-RTGS), allowing them to conduc...
The Qatar Central Bank (QCB) has opened the doors for payment service providers to directly access the Real-Time Gross Settlement System (QA-RTGS) via their own accounts. This move aligns with the nation's Third Financial Sector Strategy and is part of the QCB's ongoing commitment to refine Qatar's payment infrastructure and boost the efficiency of its financial landscape.
SADAD Payment Solutions and Dibsy were the first two payment service providers to leverage this direct access, as announced by the QCB on X. The bank highlighted that this initiative will lead to a reduction in operational costs for payment service providers and merchants, as settlement processes can now be carried out directly. Moreover, it simplifies the payment process by minimizing the parties involved in each transaction, thereby accelerating and streamlining financial operations.
The QCB noted that this initiative will also empower them with direct oversight and monitoring of settlement activities. The bank expressed that this step is a continuation of its dedication to evolving the payment ecosystem, with more payment service providers set to join the QA-RTGS system based on the established requirements and procedures.
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