DOHA: Qatar Central Bank (QCB) launched the new Real-Time Gross Settlement System (QA-RTGS), in line with the Third Financial Sector Strategy, and as a continuation of QCB's ongoing efforts to develop the payment systems infrastructure in the State of Qatar to keep pace with the latest technical developments.
This system is part of the pioneering initiatives that QCB is working on to upgrade the payment and financial transfer system in the country, as it represents a qualitative shift in Qatar's financial infrastructure, which increases the flexibility and efficiency of the financial system.
The Real-Time Gross Settlement System plays a vital role in Qatar's banking sector, as it is the core banking system that processes and settles financial transactions between banks directly. It complies with the latest international messaging standards ISO20022 to enhance technical integration between banks.
The system also aims to improve the efficiency and speed of financial transfers and liquidity management in Qatar's banks to increase operational efficiency and add more flexibility to the banking system in general in light of technological developments, which have resulted in banking and financial services that require keeping pace with this progress by developing an infrastructure for payment systems that ensure the speed of implementation of financial settlements, transfers and banking transactions, while maintaining the highest standards of financial safety and stability.
This system is characterized by providing immediate settlement of transactions between banks, while offering advanced levels of security and transparency at all stages of settlement. This contribution enhances the strength of the financial system and managing liquidity and settlement risks in banks, and increases the confidence of dealers and stakeholders in the Qatari banking and financial sector.
The system also contributes to accelerating the cash cycle and increasing the efficiency of financial operations in line with the vision, plans and strategic objectives of QCB aimed at developing financial and banking services in the country, modernizing and advancing them, based on the highest technical standards and international practices, and increasing investment in growth opportunities in this vital sector.
QCB reiterates its commitment to continue providing effective and valuable initiatives and pioneering projects that will contribute to the development of the banking and financial sector in the country, in line with the Third Financial Sector Strategy, the Third National Development Strategy 2024-2030, and Qatar National Vision 2030.