Qatar Central Bank expands ‘Fawran’ service to corporate customers
Corporate Entities Can Now Register for Instant Fund Transfers Using Registered Identifiers
Qatar Central Bank Expands ‘Fawran’ Instant Payment Service for Corporate Customers
October 3, 2024
Qatar Central Bank (QCB) has expanded ‘Fawran’, which offers corporate customers in the country to avail the benefits of instant payment service.
QCB announced on Wednesday that for corporates to use Faron, they will be required to register with the service using identifiers such as company ID, business registration, business license etc.
“With successful registration, corporate entities in the country will be able to send or receive fund transfers instantly using their registered identifiers,” the QCB noted.
Participating banks are QIIB, Commercial Bank, Masraf Al Rayan, Doha Bank, Dukhan Bank and Ahli Bank, according to QCB.
In line with the third strategy for the country’s financial sector and as a continuation of QCB’s efforts to improve payment systems infrastructure and keep pace with the latest developments in payment systems and electronics, Fawron is considered one of the most innovative and advanced services. Transfer of funds.
Favron is designed based on the latest technologies and security standards to maintain the security and confidentiality of information generated by QCB to enable financial institutions to serve their clients with complete reliability.
One of the most important benefits offered by instant payment service is that it enables bank customers to send and receive money within the country instantly and instantaneously.It is accessible without interruption throughout the whole day.
QCB has already said that plans to improve land rates include the implementation of Fevronize.
By providing varied rates to all sections of society, streamlining payment procedures and eliminating loss of cash and associated costs, the scheme plays a significant role in strengthening determinism.
