Large Value Payment Systems
RTGS
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 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. 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:
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.
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.
