II. GCC Net
The Gulf Cooperation Council (GCC) States have accorded high priority to establishing a single ATM network linking all the GCC National Switches. The GCCNET offers numerous features while keeping up with international standards of similar networks. With the fixed exchange rates between the GCC members' currencies, members’ accounts are settled in the currency of each member without the need for a non- GCC intermediate currency. GCCNET Members:- Kingdom of Saudi Arabia- (SPAN).
- State of Kuwait - (KNET).
- Kingdom of Bahrain - (BENEFIT).
- State of Qatar - (NAPS).
- United Arab Emirates - (UAE SWITCH).
- Sultanate of Oman - (Oman SWITCH).
III. National ATM & POS Switch (NAPS)
NAPS is an interface that host and settle all local retail electronic transactions flowing between local banks. It also provides a gateway to other switches within the Gulf and Middle East regions—Egypt, Iran, and Lebanon.
Objectives:
- 1.To provide a reliable settlement system.
- 2.To provide a secured and cost-effective inter-bank switch.
- 3.To serve as a gateway within the Gulf and Middle East regions.
- 4.To provide variety of necessary information to banks and QCB.
IV. Qatar Monetary Market Rates (QMR) Transactions
The QMR is a monetary instrument through which local member banks are allowed to deposit with; and borrow from QCB; overnight funds with a pre-specified initial interest rates and bank-by-bank ceiling. QMR transactions are fully automated between QCB and local bank members in the QMR System. Transactions are executed through SWIFT message system, where the system:
- 1. Announces at the begging of each monetary–policy–day;
- A.Initial interest rate on deposit transactions, QCB rate on deposit (QCBDR).
- B.Initial interest rate on loan transactions, QCB rate on loan (QCBLR).
- 2. Dynamically calculates the effective interest rates (QMR Rates) on deposit and loan transactions over the course of the monetary-policy-day as a function of the volume of funds available through the system.
- 3. Provides bank-by-bank ceilings for deposit and loan transactions through the system.
- 4. Automatically execute clearing loan and deposit between QCB and member banks at the end of each monetary-policy-day with a pre-specified ceiling for each bank.