Qatar Central Bank allows verification of IBAN holder before transferring via Fawra

Qatar Central Bank has announced the activation of transfers using the bank account number /IBAN/ for the beneficiaries in the ‘Fawra’ service.

This comes in line with the third strategy for the financial sector, and within the project of technological transformation of payment systems and infrastructure at the Qatar Central Bank, and in addition to the launch of the instant payment service Fawra.

In this context, the customer has the option to transfer using the bank account number /IBAN/ to the beneficiary, in addition to the two current identifiers represented by the mobile phone number or an alias.

It has also become possible to easily and immediately verify the beneficiary’s information before completing the transfer process, as this service will contribute to reducing the risks of fraud and reducing human errors, by reducing the manual data entry process and enhancing the accuracy and reliability of financial transfers.