Al-Emadi (2nd from right) receives the Citibank “Straight Through Processing (STP)” award.

International Bank of Qatar (IBQ) has won the Citibank “Straight Through Processing (STP)” award in recognition of its outstanding performance in the execution of commercial and financial payments in US dollars.
The award was based on IBQ’s state-of-the-art in-house payments architecture and reflects the bank’s high SWIFT standards, which facilitate automated processing throughout the payment process, it said. According to Citibank, accuracy in transactions is one of its main criteria when choosing winners of the award.
IBQ managing director Jabra Ghandour 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.”
Citibank director (correspondent banking group) Mohsin Almahdi 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 bank’s state-of-the-art international STP electronic payment services.  “The measures adopted by IBQ in relation to Straight Through Processing of customers’ international electronic payment transfers matched with Citi’s stringent correspondent banking and processing accuracy criteria which is adopted globally.”
IBQ head of Operations Abeer al-Emadi 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 a key to customer service by 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 has 200mn customer accounts and does business in more than 160 countries and jurisdictions. It provides consumers, corporations, governments, and institutions with a broad range of financial products and services.



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