The service is designed to facilitate immediate transactions, allowing businesses to send and receive funds within seconds, 24/7. By reducing reliance on cash and improving operational efficiency, Fawran helps businesses better manage their financial transactions, reducing administrative burdens and costs associated with traditional payment methods. The integration of Fawran is expected to support companies in streamlining their operations, particularly for those that require high-volume transactions or operate across multiple sectors.
One of the critical components of Fawran’s design is its use of advanced security standards to ensure both the confidentiality and security of transactions. The Qatar Central Bank (QCB) emphasized that the system is designed using the latest technological innovations to ensure seamless and secure transactions. The bank’s introduction of this service is expected to boost the reliability of the payment system across the country.
This initiative is a significant part of Qatar's ambition to modernize its financial systems, especially as it continues to emerge as a global hub for financial technology. Fawran’s introduction is a timely move, addressing the growing demand for faster, more efficient payment solutions, particularly for Qatar’s rapidly expanding business community.
Corporates wishing to use Fawran must register with the system by using their establishment ID, commercial registration, or commercial license. Participating banks such as QIIB, Masraf Al Rayan, Doha Bank, and Dukhan Bank, alongside others, have also introduced the service to their corporate clients, marking a substantial shift in how businesses handle payments. This instant transfer service is viewed as a crucial step in diversifying Qatar’s digital banking services, offering customers a broader range of payment options.