International Bank of Qatar, ibq, was recently honoured with the coveted Straight Through Processing (STP) award presented by Commerzbank. The award underlines the bank’s outstanding performance in the execution of commercial and financial payments in Euros.
The award recognizes 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 chain.
Present at the main premises of ibq, were Mr. Benjamin Duve, Relationship Manager for Financial Institutions at Commerzbank Dubai and Mr. Steffan Dattner, Relationship Manager from Commerzbank’s Frankfurt headquarters. Both gentlemen praised ibq’s solid operational services and the international best practices the bank’s management and personnel bring to the industry and domestic market, expressing satisfaction on the ongoing excellent cooperation between ibq and Commerzbank.
James Nelson-Parker, AGM Operations and Information Technology at ibq said: “Winning the STP award for the second year in a row is a strong testament to our operational excellence and efficiency. Straight Through Processing is critical to customer service, as it ensures fast, accurate and reliable execution of payment instructions. Our continued investment in technology and people has enabled us to provide our individual and institutional customers with payments services that are second to none.”
ibq, with its strong presence in wholesale banking and trade finance, is one of only a few banks in the region to receive recognition for operational excellence in this field. Accuracy in transactions was one of the key criteria for Commerzbank when selecting winners of the award.
Commerzbank is a leading bank for private and corporate customers in Germany. With the segments Private Customers, Mittelstandsbank, Corporates & Markets as well as Central & Eastern Europe the Bank offers its customers an attractive product portfolio, and is a strong partner for the export-oriented SME sector in Germany and worldwide. With a future total of some 1,200 branches, Commerzbank has one of the densest networks of branches among German private banks. It has around 60 sites in 52 countries and serves almost 15 million private clients as well as 1 million business and corporate clients worldwide. In 2011, it posted gross revenues of almost EUR 10 billion with 58,160 employees.