QIB receives STP Excellence Award from Citibank – The Peninsula

QIB receives STP Excellence Award from Citibank – The Peninsula

Doha: Qatar Islamic Bank (QIB) announced receiving the Straight Through Processing (STP) Excellence Award 2021 from Citibank, which annually recognizes its best-in-class partner banks for their success in formatting foreign currency (USD) payments, in recognition of the Bank’s high-quality automated payment transactions as it continues to enhance this service and deliver exceptional performance.

The prestigious award was received by the Bank on the basis of conducting international foreign currency payments at a Straight Through Processing rate above 95 percent, 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 recognizes 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 both QIB, Citi, and the end customers.

Commenting on the achievement, Tarek Fawzi, Chief Wholesale Banking Officer, Wholesale Banking Group said: “We are pleased to be recognized once again for the quality of our STP payment processing. This award reiterates our Bank’s efforts to