Argaam, 28 May 2024: The Qatar Central Bank has announced the activation of transfers using the FAWRAN system using a beneficiary’s IBAN number.

FAWRAN is an instant payment system.

Customers now have the option to transfer using the beneficiary’s IBAN, as well as current identifiers such as mobile phone number or alias name.

It is also now possible to easily and instantly verify the beneficiary’s information before completing the transfer process. This service will help reduce the risk of fraud and minimise human errors by reducing manual data entry and enhancing the accuracy and reliability of financial transfers.

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