Posted on June 06, 2016

International Bank of Qatar (ibq) has won the Citi “Straight Through Processing” (STP( award, in recognition of the Bank’s excellent quality and accuracy in delivering commercial payments and processing transactions in US dollars.

Muhannad Kamal, Deputy CEO of ibq commented: “We are proud of being granted this prestigious award for the second year in a row in doing business with Citi. 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.”

This award is annually given to the best-in-class banks by their main USD clearer to recognize their success in formatting foreign currency payments. “Straight Through Processing” means that the payments sent to the bank for clearing by its correspondents are being processed automatically without human involvement. 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 Citi when choosing winners of the award.

Mohsin Almahdi, Director - Correspondent Banking Group at Citi said: “We are pleased to award ibq for its state-of-the-art international ‘straight-through-processing’ (STP) electronic payment services. 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.”

Abeer Al Emadi, Head of Operations at ibq, stressed the importance of customer service in this regard: “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. The Bank is thriving to ensure fast, accurate and reliable execution of payment instructions through continuous investment in technology and people.”

Citi has been present in the Middle East and North Africa since 1955, and offers full scale corporate and investment banking services in Algeria, Egypt, UAE, Bahrain, Qatar, Kuwait, Lebanon, Jordan, Tunisia, Morocco and Pakistan. Citi's institutional capabilities in the region include Treasury & Trade Solutions, Corporate & Investment Banking, Capital Markets Origination, Global Markets and Islamic Banking.