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Masraf Al Rayan & ProgressSoft team to integrate instant payment service “Fawran”

By Delisha Fernandes

April 25, 2024

  • digital payment
  • Fawran
  • fintech MENA
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Masraf Al Rayan, ProgressSoft

Masraf Al Rayan has partnered with ProgressSoft to implement the Payments Hub platform, aiming to seamlessly integrate with Qatar Central Bank’s instant payment service, “Fawran”.

“Fawran” is the instant payment initiative developed by Qatar Central Bank, establishing a national platform for immediate transactions facilitating continuous financial operations.

Users can easily transfer and receive funds using various identifiers, such as mobile numbers, aliases, or IBANs, across diverse payment channels, ensuring simplified transactions and increased customer satisfaction. This service represents a pioneering initiative in digital payment and transfer operations in the Qatari Riyal currency, aimed at enhancing the banking experience.

Omar Al Emadi, Group Chief Business Officer of Masraf Al Rayan, said, “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.”

The integration between Masraf Al Rayan and “Fawran” has been made possible through ProgressSoft’s Payments Hub platform, flawlessly connecting the bank’s internal banking systems and channels across the internet and other payment networks, leading to a noticeable increase in operational efficiency.

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 in accordance with ISO 20022 quality standards, the platform ensures the bank’s compliance with the latest industry regulations while providing more room for innovative services.

Amjad Zawyani, Country Manager of ProgressSoft Qatar, stated, “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.”

Moreover, the established collaboration between Masraf Al Rayan and ProgressSoft underscores 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.

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