The Qatar Central Bank (QCB) has introduced a significant change by allowing certain payment service providers to open accounts directly with them, granting these providers direct access to the Real-Time Gross Settlement System (QA-RTGS). This development marks a shift in how payment settlements are managed, with providers now able to execute settlement operations directly through the central bank, eliminating the need for third-party intermediaries.
Among the first to benefit from this new framework are SADAD Payment Solutions and Dibsy, who have joined the system under these revised regulations. The central bank anticipates that this move will streamline settlement processes, thereby lowering operational costs for both payment providers and merchants. By reducing the number of intermediaries involved, financial transactions are expected to become quicker and more efficient.
This direct access arrangement is poised to enhance the QCB’s ability to oversee settlement operations more effectively, while simultaneously fostering the growth of Qatar’s payment infrastructure and its digital financial ecosystem. The initiative aligns with the objectives set out in Qatar’s Third Financial Sector Strategy, which aims to modernize and improve the financial services sector within the country.
Other payment service providers that meet the necessary conditions and procedures will also be able to gain direct access to QA-RTGS, indicating that the QCB is committed to broadening participation and encouraging a more inclusive digital financial environment. This step is part of a broader effort to ensure that Qatar remains at the forefront of financial technology advancements, thereby supporting the nation’s economic development goals.
