Masraf Al Rayan has partnered with ProgressSoft to implement the Payments Hub platform, focusing on seamlessly integrating with Qatar Central Bank’s instant payment service, “Fawran”, displaying the bank’s commitment to the advancement and providing advanced financial solutions to its clientele.
“Fawran” is the instant payment initiative developed by Qatar Central Bank, establishing a national platform for immediate transactions, and facilitating continuous financial operations. Users can easily transfer and receive payments using various identifiers such as mobile numbers, aliases, or IBANs, across diverse payment channels, ensuring simplified transactions and increased customer satisfaction.
Industry sources added that this service displays a pioneering initiative in digital payment and transfer operations in the Qatari Riyal currency, focused on boosting the banking experience.
Furthermore, “Fawran” reflects huge progress in Qatar’s digital payment infrastructure, seamlessly aligning with the Third Financial Sector Strategy, and heralding a new era in banking characterized by flexibility and enhanced accessibility to banking services.
Industry sources added that integration between Masraf Al Rayan and “Fawran” has been made possible through ProgressSoft’s Payments Hub platform, connecting the bank’s internal banking systems and channels across the internet and other payment networks, leading to a noticeable surge in operational efficiency.
Mr. Omar Al Emadi, Group Chief Business Officer of Masraf Al Rayan commented: “ProgressSoft’s Payments Hub platform has played a vital role in our successful integration with “Fawran”, positively impacting our transactions to be readily available to our customers, ensuring a distinctive banking experience for them. In this context, we affirm our commitment to making positive changes in the financial landscape, and we are delighted to have ProgressSoft as our technological partner on this journey.”
On the other hand, Mr. Amjad Zawyani, Country Manager of ProgressSoft Qatar spoke about the collaboration with Masraf Al Rayan, stating, “Our ongoing partnership with Masraf Al Rayan is a testament to our shared goals of driving innovation in the banking sector in Qatar. The seamless integration of our advanced platform with “Fawran” represents an additional milestone in our collaborative journey with banking and financial institutions.”
Industry sources further added that the established partnership between Masraf Al Rayan and ProgressSoft displays their shared commitment to banking excellence, prioritizing customer satisfaction by continually providing them with innovative services and setting unprecedented standards in the financial field in Qatar.
The Payments Hub platform is expected to revolutionize Masraf Al Rayan’s operations without the need for major changes to its current systems. By enhancing the transition process by ISO 20022 quality standards, the platform ensures the bank’s compliance with the latest industry regulations while providing more room for innovative services.
