Qatar Payment System (QPS):
Qatar Payment System (QPS) is a State-of-the-Art inter-bank payment and settlement system. This system has been designed on the concept of Real-Time Gross Settlement (RTGS) and Electronic Straight Through Processing (e-STP). QPS is based on the SWIFT Network and Messages Standards and utilizes the SWIFT messages to reconcile and settle the Local Payments and Securities Ownership Transfers. QPS is linked to the Qatar Central Bank (QCB) Clearing System, Book-Entry Government Securities System, and Currency Issuing Application. All applications are driven by Swift Messages such as (MT202, MT203).
QPS Key Features:
- 1-A fully integrated Real Time Gross Settlement System that permits all banks operating in Qatar to make immediate inter-bank money transfers through their accounts with QCB.
- 2-Real-Time direct access to banks' accounts with QCB through Intranet/Extranet solutions.
- 3-Integration with Book-Entry Security Systems, as Repo and Ownership Transfer Deals could be integrated and driven 100% through SWIFT messages.
- 4-The cut-over time could be parameterized to forward payments to the next settlement date if payments have been received after the Cut-Over Time. Forward value payments are held until the value date.
- 5-Special SWIFT messages could be designed with bilateral agreement between QCB and local banks to automate the following operations: repo deals, issuing cash, depositing cash, and notification exchange with the possibility to classify the payments according to their type.
- 6-A web-based system for settlement and reconciliation monitoring. e-STP is designed to move operations departments toward intra-day transaction monitoring. The system monitors movement of a trade from entry to final processing, reducing manual reconciliation steps. Unmatched data- false client information for example- is discovered in real-time, improving trade process quality and reducing risk.
- 7-Business exceptions could be identified and integrated to the system for capturing any kind of exceptions that might occur if the sender has not followed the bilateral agreements between QCB and local banks. However, automatic SWIFT messages are sent to the sender describing the exception in details and informing the mismatch part.
8-A daily statement of account is sent at the end of each Clearing Business Day to local banks.
9-The system allows sending E-mails, SMS, WAP messages.
At QCB, e-mails and SMS are sent to the system administrators for any type of system failures or business exceptions. E-mails are sent to the Risk Managers in case of access over limits.