QIB wins Citi award for commercial payment efficiency

QIB, Qatar Islamic Bank, has been honored with Citi’s prestigious Straight Through Processing (STP) Excellence Award for its exceptional performance in commercial payments. The award, given annually, recognizes QIB’s ability to achieve an impressive 99.7% STP rate. This accolade was presented during a meeting at QIB’s headquarters, attended by officials from both QIB and Citi.

Citi’s STP Excellence Award is given to banks that showcase high efficiency in processing foreign currency payments. The recognition underscores QIB’s commitment to stringent controls and rigorous payment-processing standards, which facilitate seamless straight-through processing. STP allows for automated payment processing, eliminating manual intervention and improving accuracy, reducing processing time and resources, and enhancing overall efficiency for all parties involved.

Saleem Ul Haq, QIB’s Chief Operating Officer, Operations & IT Group, commented on the recognition, stating that it reflects the bank’s ongoing commitment to quality, automation, and strong controls in commercial payments. Ul Haq highlighted the dedication of QIB’s teams in ensuring timely, accurate, and seamless transaction processing for clients while adhering to the highest international standards.

With a robust IT infrastructure and advanced delivery channels, QIB remains dedicated to delivering top-notch service to all customers.

Seemanti B. Considine, Head of Middle East & Pakistan Financial Institutions Sales at Citi, expressed Citi’s pride in presenting the award to QIB for its outstanding performance in straight-through processing across commercial payments. Considine praised the partnership between Citi and QIB, acknowledging the bank’s continued commitment to excellence.

The latest recognition further solidifies QIB’s dedication to maintaining the highest standards of operational efficiency, bolstered by advanced technology, robust controls, and seamless payment-processing capabilities.