The Qatar Central Bank (QCB) has taken a significant step by permitting certain payment service providers to establish accounts directly with the central bank, granting them direct access to the Real-Time Gross Settlement System (QA-RTGS). This development marks a shift in how settlement operations are conducted, allowing these providers to bypass intermediaries and engage directly with the central bank for their operations.
In this new framework, SADAD Payment Solutions and Dibsy have emerged as the pioneering entities to utilize this direct access, setting a precedent for other providers. This change is anticipated to streamline the settlement process, thereby reducing operational costs for both payment providers and merchants. By minimizing the number of parties involved, the process becomes more straightforward, enhancing the speed and efficiency of financial transactions.
Enhancing oversight capabilities is another key aspect of this initiative. With direct access, QCB can maintain a closer watch over settlement operations, ensuring greater control and reliability within the system. This move supports the broader ambition of strengthening Qatar’s payment infrastructure and advancing its digital financial ecosystem.
This initiative is a component of Qatar’s broader Third Financial Sector Strategy. It highlights the country’s commitment to modernizing its financial services and infrastructure. Other eligible payment service providers are also expected to follow suit and gain access to the QA-RTGS, provided they meet the necessary conditions and procedures set by the central bank.