QIB Debuts Qatar’s Latest Instant Payment Services

In a landmark collaboration set to redefine the benchmarks of financial transactions, Qatar Islamic Bank (QIB) is delighted to announce the launch of Qatar Central Bank’s new account-to-account instant payment service, Fawran, in partnership with ProgressSoft Qatar.

The new service, fully aligned with the latest directives from Qatar Central Bank, is set to provide unparalleled banking experiences to QIB’s esteemed customers beginning March 7, 2024. This exemplifies the bank's dedication to upholding leadership in financial technology innovation, as it stands among the first six banks in the country to introduce this cutting-edge service.

"Our integration with Fawran reflects our steadfast commitment to financial innovation, poised to revolutionize payment transactions and address the dynamic demands of today’s customers, aligning with the national strategy of Qatar Central Bank," stated Mr. Saleem Ulhaq, QIB’s Chief Operating Officer. "Moreover, our strategic alliance with ProgressSoft Qatar reinforces this commitment, ushering in significant enhancements in our financial operations and an elevated level of customer satisfaction."

The launch of Fawran services by QIB is made possible through the implementation of ProgressSoft's Payment Hub Platform, which has provided the bank with full integration capabilities with Fawran, all internal back-end systems and omnichannels. Additionally, it ensures full compliance with Qatar Central Bank’s regulations.

Furthermore, QIB can utilize the capabilities of the Payments Hub Platform to efficiently cater to a broader market and diverse customer segments through a new range of payment channels and networks. This is complemented by essential features such as ISO 20022 compliance, the ability to introduce new services with minimal to zero disruption on back-end systems and optimized payment transaction fees and services.

“We are profoundly honored to witness Payments Hub assuming a pivotal role in facilitating Fawran’s instant payment services for their esteemed customers,” stated Mr. Amjad Zawyani, ProgressSoft Qatar’s Country Manager. “We are confident that this strategic implementation will unlock further opportunities for the bank to persist in offering unparalleled services and maintain its position at the forefront of innovation endeavors."

The long-standing partnership between QIB and ProgressSoft Qatar underscores the entities' unwavering commitment to delivering excellence in banking services and setting new standards for the financial sector.

QIB and ProgressSoft are proud to be at the forefront of ushering in a new era of instant payments in Qatar while adhering to the directives of Qatar Central Bank.