In a significant development for Qatar’s financial landscape, the Qatar Central Bank (QCB) has granted eligible payment service providers the ability to open accounts directly with the central bank. This new policy provides these providers with direct access to the Real-Time Gross Settlement System (QA-RTGS), simplifying the process of conducting settlement operations. The initiative marks a shift towards reducing reliance on intermediaries, thereby streamlining financial transactions.
SADAD Payment Solutions and Dibsy are trailblazers in this new framework, becoming the first two payment service providers to join the system. By eliminating the need for intermediaries, this move is anticipated to lower operational costs for both payment providers and merchants. The direct access is also expected to enhance the speed and efficiency of financial transactions, aligning with global best practices in financial services.
Moreover, this measure is set to bolster the oversight capabilities of the QCB concerning settlement operations. It is a strategic step towards advancing Qatar’s payment infrastructure and enhancing its digital financial ecosystem. By simplifying the settlement process, the QCB aims to create a more robust and transparent financial environment that benefits all stakeholders involved.
Part of Qatar’s Third Financial Sector Strategy, this initiative underscores the country’s commitment to fostering innovation and efficiency in its financial sector. The central bank has indicated that other eligible payment service providers will be able to access the QA-RTGS system, provided they meet the necessary conditions and procedures. This expansion is poised to foster a competitive and dynamic payment services landscape in Qatar.