Qatar Central Bank (QCB) has launched the new Real-Time Gross Settlement System (QA-RTGS), as part of the Third Financial Sector Strategy and its ongoing efforts to enhance the payment systems infrastructure in Qatar, ensuring it remains aligned with the latest technological advancements.
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 new system is designed to enhance the efficiency and speed of financial transfers and liquidity management across Qatar’s banks, boosting operational efficiency and providing greater flexibility to the banking sector. This development reflects the need to adapt to technological advancements that have transformed banking and financial services.
By upgrading the payment systems infrastructure, QA-RTGS ensures faster financial settlements, transfers, and transactions, while upholding 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.
