ProgressSoft implements Electronic Settlement Gateway at QNB

Source: ProgressSoft

ProgressSoft, the leading provider of financial imaging solutions, successfully concluded the second phase of its Electronic Settlement Gateway for Securities Trading project being implemented in Qatar National Bank (QNB) and brokerage firms in the State of Qatar.

Upon operating e-settlement gateways at QNB and Dlala Brokerage and Investment Holding Company, the project's scope has now extended to involve The Group Securities.

Employing long standing experience in delivering business-critical solutions, ProgressSoft introduced to the Qatari financial market its advanced e-trading innovation, the Securities Trading E-Settlement Gateway. The system initially implemented an electronic platform for end-to-end trading settlement between QNB and Dlala. QNB gateway acts as a payment switch that conducts online routing and trading settlement of trading transactions that can automatically occur from the broker level. The system's electronic payment network recently embraced a wider domain of multiple brokers with the newly implemented gateway at The Group.

"This collaboration with The Group via ProgressSoft's advanced solution comes in line with QNB's aspiration to be the leading bank in Qatar. The electronic gateway induces a higher level of quality across QNB's trading operations and enriches our client's experience with exceptionally satisfying services," affirmed Mr. Ali Ahmed Al Kuwari, General Manager, Operations and Information Technology, QNB.

Further to the array of functionalities proposed by the system during the first phase, the new phase involving The Group offers a number of new features. Payment instructions made by the broker's clients such as cash payments, account transfers and SWIFT transfers to foreign and local banks can now automatically take place at the broker offices, replacing the traditional paper-based procedures. Management operations of investors are conducted in real-time at QNB and broker gateways. Moreover, payment confirmations and notifications of new deposits are sent in push mode from the bank to the broker.

With ProgressSoft's technology, The Group and Dlala stand to enjoy a leading-edge trading experience. Real-time execution of payment and deposit transactions and online query of investor accounts can now occur between registered brokers and QNB. This mitigates risks associated with the trading process and brings about significant time reductions and cut down expenses.

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