Qatar Central Bank enables IBAN account holder verification before fund transfer through ‘Fawran’

In line with the Third Financial Sector Strategy and as part of the technological transformation project for payment systems and infrastructure at Qatar Central Bank, following the launch of the instant payment service “Fawran”. Qatar Central Bank announces that it has enabled transfers using the Bank Account Number (IBAN) of the beneficiary when using the “Fawran” service.

In this context, customers now have the option to transfer funds to the beneficiary using the IBAN, in addition to the existing identifiers, namely the mobile phone number or alias.

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

SOURCE: Agencies