I. Qatar Payment System (QPS)

Qatar Payment System (QPS) is a State-of- the-Art INTERBANK PAYMENTS AND SETTLEMENT SYSTEM. The QPS system is designed on the concept of REAL-TIME GROSS SETTLEMENT (RTGS) and Electronic Straight Through Processing (e-STP). QPS is based on the S.W.I.F.T Network and Messages Standards and utilize 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. RTGS: is 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 Access:  Real-Time direct access to banks' accounts with QCB through Intranet/Extranet solutions. 

3. Integration with Book-Entry Security Systems: Repo and Ownership Transfer Deals could be integrated and driven 100% through SWIFT messages.

4. Cut-Over Time System and Forward Value Payments:  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. Repo or Currency Issuing: 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. The new issuing messages would be designed to categorize the payments through QR notifications.   

6. e-STP Monitoring System: A web-based system for settlement and reconciliation monitoring.  e-STP is designed to move operations departments towards intra-day transaction monitoring. The system monitors movement of a trade from entry to final processing, reducing manual reconciliation steps. Unmatched data—for example, failed trades or client information—is discovered in real-time, improving trade process quality and reducing risk.

7. Exception System Handler: 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. Daily Statements of Accounts: A daily statement of account is sent at the end of each Clearing Business Day to local banks.

9. Messaging Handler System:  E-mails, SMS, WAP are integrated at any level of the system. In QCB, e-mails and SMS would be sent to the system administrators for any kind of system failures or business exceptions. E-mails are sent to the Risk Managers in case of access over limits.

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.  

V. Government Securities System (GSS)

The GSS is a system that manages and controls securities issued by the government and bidding thereto.  All biddings are electronically transmitted by banks to QCB, which in turn performs the allocation and registration.

The system also covers the periodic coupons generations and their settlements to local banks. Ownership transfer is also covered under this system.

Other function of this system is the Repo transactions, where banks can sell their holding of domestic government securities to QCB for a period of time and then repurchase them once again at maturity date.