QIB wins ‘Straight Through Processing Excellence’ award from Citi

Qatar Islamic Bank (QIB) has been awarded Citi's annual 'Straight Through Processing Excellence' (STP) accolade, recognizing its superb commercial payments performance and achieving a remarkable 99.7% STP rate. The prestigious award was bestowed during a meeting at QIB's headquarters, attended by representatives from both QIB and Citi.

Citi's STP excellence award is a yearly recognition bestowed upon banks that exhibit exceptional efficiency in processing foreign currency payments. This acknowledgment highlights QIB's unwavering commitment to maintaining stringent controls and rigorous payment-processing standards, which enable seamless straight-through processing at Citi.

STP allows for automated payments processing, eliminating the need for manual intervention, and streamlining the process, thereby improving accuracy, reducing processing time, and optimizing resource utilization for all parties involved.

Speaking on behalf of QIB, Saleem Ul Haq, Chief Operating Officer for Operations & IT Group, expressed his delight at receiving the award for the second consecutive year. He commended the dedication of his teams in ensuring timely, accurate, and seamless transaction processing for clients, while upholding the highest international standards. QIB remains committed to delivering the highest quality of service through its experienced teams, robust IT infrastructure, and advanced delivery channels.

Seemanti B Considine, Head of Middle East & Pakistan – Financial Institutions Sales at Citi, expressed her pride in awarding QIB for its outstanding STP performance in commercial payments, praising their continued partnership. This latest recognition further underscores QIB's dedication to maintaining the highest operational efficiency standards, backed by cutting-edge technology, robust controls, and seamless payment-processing capabilities.