An award recognizing the superb delivery of commercial payments and handling transactions in U.S. dollars has been given to International Bank of Qatar (IBQ).
IBQ recently won the Citi “Straight Through Processing” (STP) award, which is given annually to the best-in-class bank in recognition of their quality achievements in configuring foreign currency payments.
“We are proud of being granted this prestigious award for the second year in a row in doing business with Citi,” Muhannad Kamal, deputy CEO of IBQ, said. “It is a strong acknowledgment of the efficiency of our operations vis-à-vis excellent customer service on the payments side and our consistency over the years.”
“Straight Through Processing” refers to the services that are automatically processed with no human involvement needed. The award notes IBQ’s reliably high SWIFT standards, responsible for the automated processing of the payments. In addition, IBQ’s innovative in-house payment setup is also testament to the successful transactions, which are a key criteria when Citi is selecting winners of the award.
“We are pleased to award IBQ for its state-of-the-art international ‘straight-through-processing’ (STP) electronic payment services,” Mohsin Almahdi, director of Correspondent Banking Group at Citi, said. “IBQ has once again succeeded in adopting measures in relation to STP of customers’ international electronic payment transfers that fully comply with Citi’s rigorous correspondent banking and processing accuracy criteria.”
“This STP Award from Citi is a testimony to IBQ’s operational excellence and efficiency and showcases how crucial STP is to the bank’s customer service,” Abeer Al Emadi, head of operations at IBQ, said. “The bank is striving to ensure fast, accurate and reliable execution of payment instructions through continuous investment in technology and people.”
Citi offers experience in Treasury and Trade Solutions, Corporate and Investment Banking, Capital Markets Origination, Global Markets and Islamic Banking. The company has had a presence since 1955 in the Middle East and North Africa and offers a variety of investment banking solutions to residents of Algeria, Egypt, UAE, Bahrain, Qatar, Kuwait, Lebanon, Jordan, Tunisia, Morocco and Pakistan.
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