Tribune News Network
Qatar Islamic Bank (QIB) has announced receiving the Straight Through Processing (STP) Excellence Award 2021 from Citibank, which annually recognises its best-in-class partner banks for their success in formatting foreign currency (USD) payments, in recognition of the bank’s high-quality automated payment transactions as it continues to enhance this service and deliver exceptional performance.
The prestigious award was received by the bank on the basis of conducting international foreign currency payments at a Straight Through Processing rate above 95 percent, an excellent achievement that reflects the quality of the bank’s straight-of-the-art payment processing system with consistent high SWIFT payment standards that facilitate seamless processing into beneficiary accounts in record time.
The STP award recognises quality in the field of payment transactions, reflecting the degree of full automation. STP is set up in a way that ensures payments are done automatically without human involvement, as a result of which less processing time and resources are used and which proves effective for QIB, Citi, and the end customers.
Commenting on the achievement, Tarek Fawzi, Chief Wholesale Banking Officer, Wholesale Banking Group said, “We are pleased to be recognised once again for the quality of our STP payment processing. This award reiterates our Bank’s efforts to continue pushing the envelope in quality automated payment processing that ensures quick processing and payment that minimizes delays. Our Bank strives to continue developing its products and services suite to fulfil our customers’ banking needs faster and more efficiently.”
QIB has been constantly acknowledged for the excellence of its banking experience and offering, receiving several prestigious awards for its digital innovation, including “Best Performing Bank in Qatar 2022” by The Banker, “Best Bank in Qatar 2022”, “Best Islamic Bank the Year in Qatar 2022” and “Best Bank for Digital Solutions in Qatar 2022” by Euromoney.
These awards reflect QIB’s continuous efforts to develop its existing product suite and create innovative digital solutions to meet the fast-changing financial needs and preferences of its customers in Qatar.