Doha, March 07 (QNA) - Qatar Central Bank (QCB) announced on Thursday that it has officially launched its instant payment service 'FAWRAN', which is one of the innovative and advanced services, in line with the third strategy for the financial sector, and in continuation of QCB's efforts to develop the infrastructure of payment systems and keep pace with the latest developments in the field of payment systems and electronic transfer of funds.

The instant payment service 'FAWRAN' is considered one of the leading services in the fields of payment and digital transfer in Qatar, which reflects QCB's keenness to provide the best services to customers of banks and financial institutions in the country, and meets their growing needs in line with the increasing demand for financial technology services. FAWRAN also facilitates financial and commercial transactions between the bank accounts of individuals and companies, keeping pace with the rapid development witnessed by the national economy.

Assistant Governor, Financial Instruments and Payment Systems at QCB Sheikh Ahmed bin Khalid Al-Thani stressed the importance of this service, given that it is one of the leading digital payment solutions that QCB has worked to provide within its strategic plans and objectives aimed at developing financial and banking services in the country, as well as modernizing and advancing them, in line with the third strategy for the financial sector and the financial technology strategy towards providing financial and banking services based on the highest technical and international standards.

FAWRAN was designed in accordance with a system based on the latest technologies and security standards, to maintain the security and confidentiality of the information created by QCB to enable financial institutions to provide the service to their customers with complete reliability, Al-Thani added, pointing out that all protection standards were taken into account when transferring money from the sender to the beneficiary.

One of the most prominent advantages provided by QCB's FAWRAN instant payment service is enabling bank customers to send and receive money in the country immediately, and within moments. It will also be available 24/7 without interruption.

FAWRAN will also enable the sender to verify the name of the beneficiary (addressee) before completing the transfer process, and ease of use through the banks' mobile phone applications, in addition to the use of alternative identifiers that are easier to identify the beneficiary such as (mobile phone number, alias) instead of the international account number (IBAN). 

Banks in Qatar will implement the FAWRAN service through mobile banking applications and digital channels. This service will be available 24/7, with Qatar National Bank, Commercial Bank, Qatar Islamic Bank, Ahli Bank, Dukhan Bank, and Doha Bank being the first to provide it. Other banks will complete their preparations to offer this service to their clients in the near future.

The maximum amount allowed for transfer will be set to QR 50,000 per transaction, subject to review in the future. The banks providing the service will determine the maximum transfer limit, not exceeding the QR 50,000 set by the Qatar Central Bank, based on customer profiles and the associated risks.

This service aims to preserve customer data privacy, particularly IBANs, where alternative identifiers such as the recipient's alias or mobile phone number will be required for money transfer or payment. Attempting to access user accounts without conducting financial transfers will result in immediate service suspension. In case of errors or doubts about a transfer, customers can dispute through designated channels provided by their bank.

The launch of the FAWRAN instant payment service is part of the projects undertaken by the Qatar Central Bank to enhance the country's payment system. This initiative plays a significant role in strengthening the financial sector, providing diverse payment options for all segments of society, facilitating payment processes, and reducing reliance on cash, thereby lowering associated costs. The FAWRAN service aligns with Qatar's Third National Development Strategy, the final stage towards achieving Qatar's National Vision 2030, which aims to build a digital economy by expanding electronic payment channels, promoting widespread adoption of emerging technologies, and accelerating technological innovations in various sectors, including the financial sector. (QNA)