QIB receives ‘Straight Through Processing Excellence Award’ from Citi

The award recognises 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

Qatar Islamic Bank (QIB) received the annual Straight Through Processing (STP) Excellence Award from Citi for “outstanding performance” in STP and delivery of commercial and treasury payments.

The award was handed over at a meeting held at QIB head office, attended by senior officials from QIB and Citi.

Citi’s STP Award is presented annually to banks that have efficiently processed foreign currency payments. This year the award recognised 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.

Furthermore, the award was given to QIB for conducting international settlement services with an STP rate above 99%.

STP ensures that payments are done automatically without human involvement, resulting in zero errors and reduced processing time and resources, benefiting all stakeholders.

“The award recognises the high level of operational efficiency that QIB focuses 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 Saleem al-Haq, QIB’s chief operating officer, Operations and IT Group.

Mohamed Ahmed al-Hammadi, Head of Middle East and Pakistan – Financial Institutions Sales, Citi, said: “This award was given to QIB on the merit of exhibiting excellence and outstanding performance in STP and delivery of commercial and treasury payments. We are pleased to present this award and wish to congratulate QIB for achieving such outstanding STP standard.”

QIB has been constantly acknowledged in international and regional forums for its leading role in the banking industry. The bank took on a wide range of initiatives to improve operations performance and efficiency, which has helped to increase business volumes and to improve its efficiency (cost to income) ratio.