The Qatar Central Bank (QCB) has initiated a significant change by permitting qualified payment service providers to establish accounts with the central bank, granting them direct access to the Real-Time Gross Settlement System (QA-RTGS). This development marks a shift in how payment providers can conduct their settlement operations, now able to do so directly with the central bank rather than through intermediaries. The first two companies to operate under this new system are SADAD Payment Solutions and Dibsy, who have been approved to join the framework.
This move by QCB is anticipated to streamline the settlement process, potentially lowering operational costs for both payment providers and merchants. By reducing the number of parties involved in transactions, financial operations are expected to become faster and more efficient. The central bank’s enhanced oversight of these settlement operations is also a key aspect of this initiative, which aims to bolster Qatar’s payment infrastructure and contribute to the growth of its digital financial ecosystem.
The introduction of direct access to the QA-RTGS is a critical component of Qatar’s Third Financial Sector Strategy. This strategy focuses on advancing the country’s financial services landscape by integrating modern technologies and practices. The central bank’s decision aligns with broader goals of improving financial transaction efficiency and supporting the nation’s economic development through technological advancement.
Other payment service providers that meet specific conditions and procedures will also be granted the opportunity to gain direct access to QA-RTGS. This inclusive approach ensures that a wide range of service providers can benefit from the central bank’s new system, ultimately fostering a more robust and competitive payment services market in Qatar.