Doha, Qatar — Qatar Islamic Bank (QIB), Qatar’s leading digital bank, has been conferred the prestigious annual Straight Through Processing (STP) Excellence Award presented by Citi for achieving exceptional 99.7% STP rate in commercial payments. The Award was handed over at a meeting held at QIB Head Office, attended by representatives from QIB and Citi.
Citi’s STP Award is presented annually to banks that have efficiently processed foreign currency payments. The award recognizes QIB’s focus on the strong controls and rigor applied at the point of payment which enables seamless STP processing at Citibank.
STP ensures that payments are done automatically without human involvement, resulting in zero errors and reduced processing time and resources, benefiting all stakeholders.
Commenting on the recognition, Mr. Saleem Ul Haq, QIB’s Chief Operating Officer, Operations & IT Group, said: “The award recognizes our relentless focus on quality, automation and controls in commercial payments. It reflects the dedication of our teams in ensuring seamless, timely and accurate transaction processing for our clients, while meeting the highest international standards. 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 customers.”
Mrs. Seemanti B. Considine, Head of Middle East & Pakistan – Financial Institutions Sales, Citi, said: “Citi is pleased to present this award to QIB, on achieving outstanding results in payments straight-through processing across Commercial payments. We are very proud of our relationship with QIB, and thank them for the continued partnership.”
For more information, please visit: www.qib.com.qa
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