Posted on November 19, 2014

International Bank of Qatar (ibq) has won the Commerzbank “Straight Through Processing (STP)" award for the fourth year running, which recognises the Bank’s outstanding performance in the execution of commercial and financial payments in Euros.

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 Commerzbank when choosing winners of the award. Stefan Dattner, Relationship Manager at Commerzbank, said at the presentation of the award to ibq, “We awarded this year’s accolade to ibq for the bank’s solid operational services, and the international best practices the bank’s management and personnel have brought to the domestic market.”

Ertugrul Goezelel, Relationship Manager at Commerzbank, added: “ibq, with its strong presence in wholesale banking and trade finance, is one of only a few banks in the region to receive our recognition for operational excellence in this field. The award also reflects the special relationship and ongoing cooperation between ibq and Commerzbank”. Jennifer Heffernan – Head of Operations at ibq, said: “We are delighted to be awarded by Commerzbank for the fourth year running, which 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.”

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Commerzbank is a leading international commercial bank with branches and offices in more than 50 countries. The core markets of Commerzbank are Germany and Poland. With the business areas Private Customers, Mittelstandsbank, Corporates & Markets and Central & Eastern Europe, its private customers and corporate clients, as well as institutional investors, profit from a comprehensive portfolio of banking and capital market services.

Commerzbank finances more than 30 per cent of Germany’s foreign trade and is the unchallenged leader in financing for SMEs. With its subsidiaries comdirect and Poland’s mBank it owns two of the world’s most innovative online banks. With some 1,200 branches Commerzbank has one of the densest branch networks among German private banks. In total, Commerzbank boasts approximately 15 million private customers, as well as one million business and corporate clients.

The bank, which was founded in 1870, is represented at all the world’s major stock exchanges. In 2013, it generated gross revenues of more than EUR 9 billion with approximately 54,000 employees on average.