Doha, September 01 (QNA) - Qatar Central Bank (QCB) has enabled payment service providers to open accounts with the central bank and gain direct access to the Real-Time Gross Settlement System (QA-RTGS), allowing them to conduct settlement operations directly without intermediaries.
The move is in line with the Third Financial Sector Strategy and forms part of QCB's ongoing efforts to develop the country's payment ecosystem and enhance the efficiency of its financial infrastructure.
In a post on X, QCB said SADAD Payment Solutions and Dibsy are the first two payment service providers to join QA-RTGS, marking the initial implementation of direct access for payment service providers.
QCB said the move will help reduce operational costs for payment service providers and merchants by allowing settlement operations to be conducted directly. It will also simplify the payment cycle by reducing the number of parties involved, supporting faster and more efficient financial transactions.
In addition, the initiative will strengthen QCB's direct oversight and monitoring of settlement operations, the central bank said.
QCB said the initiative forms part of its ongoing efforts to develop the payment ecosystem, with additional payment service providers able to join the Real-Time Gross Settlement System (QA-RTGS) in accordance with the applicable requirements and procedures. (QNA)