The Qatar Central Bank (QCB) has introduced a significant update, allowing eligible payment service providers to open accounts directly with the central bank. This change grants them direct access to the Real-Time Gross Settlement System (QA-RTGS), enabling smoother and more efficient financial transactions. This development is part of Qatar’s ongoing efforts to enhance its payment infrastructure and digital financial ecosystem.
Under this new framework, payment providers can now conduct settlement operations without the need for intermediaries, which is expected to lower operational costs for both providers and merchants. The simplification of the settlement process is anticipated to speed up financial transactions and reduce the complexity typically involved in such operations. As a result, this initiative is poised to bring about a more streamlined and cost-effective financial environment within the country.
SADAD Payment Solutions and Dibsy are the first two providers to benefit from this direct access, marking a significant milestone in Qatar’s financial sector. By integrating these providers into the QA-RTGS, the central bank aims to bolster its oversight capabilities over settlement operations, ensuring a more robust and secure financial framework. This move highlights QCB’s commitment to fostering a progressive and competitive financial landscape.
This initiative aligns with Qatar’s Third Financial Sector Strategy, which seeks to modernize and enhance the nation’s financial systems. As other eligible payment service providers meet the necessary conditions and procedures, they too will be able to access the QA-RTGS, further expanding the reach and impact of this strategic advancement.