International Bank of Qatar (ibq) recently received Commerzbank’s Straight-through-processing (STP) - Best Bank in Qatar Award for the third year running in recognition of the bank’s 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 its consistently high SWIFT standards, which facilitate automated processing throughout the payment chain, the bank said in a statement. Accuracy in transactions was one of the key criteria for Commerzbank while selecting winners for the award.
Ralph Nitzgen, SEO & general manager, and Benjamin Duve, relationship manager for financial institutions at Commerzbank Dubai, presented the award to ibq. They praised the bank’s operational services and the international best practices the ibq management and personnel have brought to the domestic market. They also expressed satisfaction at the ongoing co-operation between ibq and Commerzbank.
ibq, with a strong presence in wholesale banking and trade finance, is one of the few banks in the region to receive recognition for operational excellence in this field, the statement adds.
James Nelson-Parker, AGM (operations and information technology) at ibq, said: “Being awarded with this honour for the third year running is a great testament to our operational excellence and efficiency. STP is critical to customer service, ensuring fast, accurate and reliable execution of payment instructions. Our continued investment in not only technology, but also our people, has enabled us to provide our individual and institutional customers with first-rate payments services.”
Commerzbank is a leading bank in Germany and Poland. It is also present worldwide in all major markets for its customers as a partner to the business world.