QCB extends ‘Fawran’ to Qatar's corporate customers

The Qatar Central Bank (QCB) has expanded ‘Fawran’, providing corporate customers in the country to avail of benefits of the instant payment service.To avail of ‘Fawran’, corporates should register in the service using identifiers such as establishment ID, commercial registration and commercial license, the QCB said on Wednesday."Upon successful registration, corporates in the country will be able to send or receive fund transfers, instantly using their registered identifiers," QCB noted.According to the QCB, the participating banks are QIIB, Commercial Bank, Masraf Al Rayan, Doha Bank, Dukhan Bank and Ahli Bank.Fawran is considered one of the innovative and advanced services, in line with the third strategy for the financial sector in the country and in continuation of the QCB's efforts to develop the infrastructure of payment systems and keep pace with the latest developments in payment systems and electronic transfer of funds.Fawran was designed in accordance with a system based on the latest technologies and security standards, to maintain the security and confidentiality of the information created by the QCB to enable financial institutions to provide the service to their customers with complete reliability.One of the most prominent advantages provided by the instant payment service is enabling bank customers to send and receive money in the country immediately, and within moments. It will also be available round-the-clock without interruption.Earlier, the QCB noted that the launch of the Fawran is part of the projects it has undertaken to enhance the country's payment system.This initiative plays a significant role in strengthening the financial sector, providing diverse payment options for all segments of society, facilitating payment processes, and reducing reliance on cash, thereby lowering associated costs.