International Bank of Qatar (ibq) has won the Citibank “Straight Through Processing (STP) award, which recognises the Bank’s outstanding performance in the execution of commercial and financial payments in US dollars.
The award is based on ibq’s state-of-the-art in-house payments architecture and reflects the Bank’s consistently high SWIFT standards, which facilitate automated processing throughout the payment process. Accuracy in transactions is one of the main criteria for Citibank when choosing winners of the award.
Jabra Ghandour, Managing Director of ibq said: “We are delighted to receive this award during the first year of doing business with Citibank, which reflects the efficiency of our operations vis-à-vis excellent customer service on the payments side.”
Mohsin Almahdi, Director - Correspondent Banking Group at Citibank said: “We work closely with top financial institutions in Qatar like ibq and we are pleased to present such an award that clearly shows the state-of-the-art international ‘straight-through-processing’ (STP) electronic payment services the Bank has. The measures adopted by ibq in relation to ‘Straight Through Processing’ (STP) of customers’ international electronic payment transfers matched with Citi’s stringent correspondent banking and processing accuracy criteria which is adopted globally.”
Abeer Al Emadi, Head of Operations at ibq, said: “We are extremely proud to be given this prestigious STP Award from Citibank, as it is a testimony to our operational excellence and efficiency. We see STP as key to customer service, ensuring fast, accurate and reliable execution of payment instructions. Significantly, this award also underlines our continued investment in technology and people, which has enabled us to provide both individual and institutional customers with superior payments services.”
Citibank, a leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citibank provides consumers, corporations, governments and institutions with a broad range of financial products and services.