The Qatar Central Bank (QCB) has introduced a new policy allowing qualified payment service providers to establish accounts directly with the central bank, giving them direct access to the Real-Time Gross Settlement System (QA-RTGS). This initiative marks a significant shift in how settlement operations are conducted, enabling payment providers to bypass intermediaries and streamline their processes.
Under the new framework, providers like SADAD Payment Solutions and Dibsy are the first to benefit from this direct access. The central bank’s move is anticipated to lower operational costs for both payment providers and merchants by simplifying the settlement process and minimizing the involvement of multiple parties. Additionally, this development is aimed at enhancing the speed and efficiency of financial transactions within the country.
By allowing this direct connection, QCB is set to improve its oversight of settlement operations, ensuring a more secure and robust payment infrastructure. This change is also aligned with Qatar’s broader goal of advancing its digital financial ecosystem, aligning with the nation’s Third Financial Sector Strategy.
The QCB’s initiative is expected to support the development of Qatar’s payment infrastructure significantly. Payment service providers that meet the necessary conditions and procedures will be able to gain direct access to QA-RTGS, further promoting the growth and innovation of Qatar’s financial sector.