Qatar Islamic Bank (QIB) has received the straight through processing (STP) excellence award 2021 from Citibank.
The award is in recognition of the best-in-class partner bank’s success in formatting foreign currency (USD) payments and the high-quality automated payment transactions as it continues to enhance this service and deliver exceptional performance.
The award was received by the bank on the basis of conducting international foreign currency payments at a STP rate above 95%, an excellent achievement that reflects the quality of the bank’s straight-of-the-art payment processing system with consistent high SWIFT payment standards that facilitate seamless processing into beneficiary accounts in record time.
The STP award recognises quality in the field of payment transactions, reflecting the degree of full automation. STP is set up in a way that ensures payments are done automatically without human involvement, as a result of which less processing time and resources are used and which proves effective for QIB, Citi, and the end customers.
"This award reiterates our bank’s efforts to continue pushing the envelope in quality automated payment processing that ensures quick processing and payment that minimises delays. Our bank strives to continue developing its products and services suite to fulfil our customers’ banking needs faster and more efficiently,” said Tarek Fawzi, chief wholesale banking officer, Wholesale Banking Group, said.
QIB has been constantly acknowledged for the excellence of its banking experience and offering, receiving several prestigious awards for its digital innovation, including “Best Performing Bank in Qatar 2022” by The Banker, “Best Bank in Qatar 2022”, “Best Islamic Bank the Year in Qatar 2022” and “Best Bank for Digital Solutions in Qatar 2022” by Euromoney.
These awards reflect QIB’s continuous efforts to develop its existing product suite and create innovative digital solutions to meet the fast-changing financial needs and preferences of its customers in Qatar.