Posted on December 02, 2019

Qatar Islamic Bank (QIB) has been conferred the prestigious annual straight-through-processing (STP) Excellence Award presented by Citi Qatar for outstanding performance in Straight Through Processing (STP) and delivery of commercial and financial payments in USD. The Award was handed over at a meeting held at QIB Head Office, attended by senior officials from QIB and Citibank.

The award recognizes QIB’s state-of-the-art in-house funds transfer architecture and reflects the Bank’s consistent high SWIFT payment standards which facilitate automated processing resulting in beneficiary account credits in the fastest 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 that payments are done automatically without human involvement as a result of which less processing time and resources are used and proves effective for both QIB, Citi and the end customers. The award was given to QIB for conducting international settlement services with an STP rate above 97 per cent. Citibank’s STP Award is presented annually to banks that have efficiently processed foreign currency payments.

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“The award recognizes the high level of operational efficiency that QIB focus on. With our experienced personnel and strong IT infrastructure and delivery channels, we are well positioned to continue providing the highest quality service to all our individual and institutional customers” said Mr. Lav Kataria, QIB’s Chief Operating Officer.

Mohsin Al Mahdi, Director - Correspondent Banking Group (Treasury and Trade Solutions), Citibank, said: “This award was given QIB on the merit of exhibiting excellence and outstanding performance in Straight Through Processing (STP) and delivery of commercial and financial payments in USD. We are pleased to present this award to one of our important partners and wish to congratulate them on an excellent job done”. QIB has been constantly acknowledged in international and regional forums for its leading role in the banking industry. The Bank took on a large number of initiatives to improve operations performance and efficiency, which has helped achieve a higher level of transactions.

In recognition of its accomplishments in the past year, QIB received several prestigious awards for its digital innovation: "Best Digital Bank in Qatar" by the Asian Banker, “Best Consumer Digital Award 2018” and “Islamic Finance Innovator Award 2019” from the esteemed Global Finance Magazine, and the “Excellence in Mobile Banking 2018” award at the New Age Banking Summit in Doha. 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.