The Qatar Central Bank (QCB) has introduced a significant change by allowing eligible payment service providers to open accounts directly with the central bank. This new policy grants them direct access to the Real-Time Gross Settlement System (QA-RTGS), enabling them to conduct settlement operations without the need for intermediaries. The first two companies to join under this new framework are SADAD Payment Solutions and Dibsy.
This direct access is expected to streamline the settlement process, thereby reducing operational costs for both providers and merchants. By simplifying the procedures and reducing the number of involved parties, financial transactions are anticipated to become faster and more efficient. This move aligns with the broader aim of enhancing the country’s payment infrastructure and advancing its digital financial ecosystem.
Furthermore, the QCB will be able to exercise stronger oversight over settlement operations through this system. This increased control is part of Qatar’s wider initiative under its Third Financial Sector Strategy, which seeks to modernize and strengthen the nation’s financial services.
As the program rolls out, other eligible payment service providers will also have the opportunity to gain direct access to the QA-RTGS, provided they meet certain conditions and procedures. This inclusive approach is intended to broaden the benefits of the new system across the financial sector in Qatar.