QCB enables direct QA-RTGS access for payment service providers

The Qatar Central Bank (QCB) has recently opened the doors for payment service providers to access the Real-Time Gross Settlement System (QA-RTGS) directly. This development enables these service providers to conduct settlement operations without the need for intermediaries, streamlining the financial infrastructure and enhancing efficiency.

In an official post on X, QCB announced that SADAD Payment Solutions and Dibsy are the first two payment service providers to utilize this new direct access. This move is in line with the Third Financial Sector Strategy and is part of QCB's continuous efforts to develop the country's payment ecosystem.

By allowing settlement operations to be conducted directly, QCB expects to reduce operational costs for payment service providers and merchants. This direct access simplifies the payment cycle by minimizing the number of parties involved, resulting in faster and more efficient financial transactions. Moreover, QCB will have direct oversight and monitoring of these settlement operations, thereby strengthening the central bank's control over the financial infrastructure.

The initiative to provide direct QA-RTGS access to payment service providers is just one aspect of QCB's ongoing efforts to bolster the payment ecosystem. Additional payment service providers will be able to join this Real-Time Gross Settlement System (QA-RTGS) in accordance with the relevant requirements and procedures.