QCB launched the new Real-Time Gross Settlement System in line with Third Financial Sector Strategy

In accordance with the Third Financial Sector Strategy and as part of its continuous efforts to upgrade the State of Qatar's payment systems infrastructure to stay up to date with emerging technological advancements, the Qatar Central Bank (QCB) introduced the new Real-Time Gross Settlement System (QA-RTGS).

This system, which represents a qualitative change in Qatar's financial infrastructure and boosts the system's flexibility and efficiency, is one of the ground-breaking projects that QCB is working on to modernize the nation's payment and financial transfer system.

Since it is the main banking system that handles and settles financial transactions between banks directly, the Real-Time Gross Settlement System is essential to Qatar's banking industry. In order to improve technical integration between banks, it conforms with the most recent international messaging standards, ISO2022.

By creating a payment system infrastructure that guarantees the speed of implementation of financial settlements, transfers, and banking transactions while upholding the highest standards of financial safety and stability, the system also seeks to increase operational efficiency and add more flexibility to the banking system overall in light of technological advancements that have led to banking and financial services that need to keep up with these advancements.

This system is distinguished by its ability to settle bank-to-bank transactions instantly while maintaining high standards of security and openness throughout the settlement process. Dealers and other players in the banking and financial industry in Qatar are more confident as a result of this contribution, which also strengthens the financial system and helps banks manage liquidity and settlement risks.

In keeping with QCB's vision, plans, and strategic objectives, which include developing financial and banking services in the nation, modernizing and advancing them based on the highest technical standards and international practices, and increasing investment in growth opportunities in this crucial sector, the system also helps to speed up the cash cycle and improve the efficiency of financial operations.