Citibank has chosen Doha Bank for “US Dollar Payments Straight Through Processing (STP) Excellence Award.”
“We are proud to receive this prestigious award from Citibank. This award acknowledges the bank’s outstanding performance in the execution of payments in dollars seamlessly,” Doha Bank group chief executive Dr R Seetharaman said.
This award is conferred annually to the best-in-class banks by their main USD clearer in recognition to their success in correctly formatting foreign currency payments. STP means that the payments sent to the bank for clearing by its correspondents are being processed automatically without human intervention.
Doha Bank achieved a STP rate of 99% for all treasury and commercial payments in 2019.
Doha Bank operations are geographically spread across strategic locations in Qatar. The bank also operates six full-fledged branches in the UAE, Kuwait and India, and has representative offices across the globe encompassing a robust and strategic network of correspondent banking relationships.
Seetharaman, along with other officials, receiving the Citibank award.
