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QCB launches 'FAWRAN' instant payment service

Finance Doha 10 Mar 24
QCB launches 'FAWRAN' instant payment service
Qatar Central Bank launches 'FAWRAN' instant payment service.
Fee
Event Location
Qatar, Qatar
Area
Doha
Start Time
10 March 2024, 12:00 AM
End Time
31 March 2024, 12:00 AM
Website

Qatar Central Bank launched its new instant payment service as part of its Third Financial Sector strategy.

'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.

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, Qatar International Islamic 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 shortly.

The maximum amount allowed for transfer will be set to QR50,000 per transaction, subject to review in the future. The banks providing the service will determine the maximum transfer limit, not exceeding the QR50,000 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.

QCB FAWRAN payment service



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