Qatar Foundation has gone live with the SWIFT global electronic payment system, making it the first non-bank in Qatar and the world’s first not-for-profit organisation to join the network.
SWIFT is a secure mechanism through which financial transactions are processed. It allows these transactions to be standardised and automated, thereby lowering costs, reducing operational risk and eliminating inefficiencies from a company’s operations. Traditionally, the system was available only to banking institutions. Recently, it was opened up to non-banks.
“We believe that by integrating SWIFT with our payment processes here at the Finance Directorate we will markedly improve payments times as well as foster even better relationships with our suppliers,” said Qatar Foundation deputy chief financial officer, Faisal al-Hajri. “One of Qatar Foundation’s core aims is to improve on internal workflows and automate processes wherever possible. That is what is being done here.”
“We are delighted to welcome Qatar Foundation as the first not-for-profit organisation on SWIFT,” said SWIFT’s EMEA Chief Executive Officer Alain Raes.
Qatar Foundation and its strategic banking partner QNB signed an agreement for connectivity to the SWIFT global network. “As Qatar Foundation’s Strategic Banking Partner, we have provided full banking support to Qatar Foundation over the years, including state-of-the-art e-commerce solutions,” said QNB general manager Abdulla Mubarak al-Khalifa.
“We are proud to offer the SWIFT solution to our corporate customers and we are honoured to have Qatar Foundation as our first not-for-profit organisation sign-up for this service.”
The new process requires electronic approvals at Qatar Foundation instead of manual signatures, and improves the overall automation of payments. This means fewer physical documents crossing people’s desks, and quicker payments to suppliers.
More than 8,300 organisations in more than 208 countries are on the SWIFT network.
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