(MENAFN- The Peninsula) International Islamic (QIIB) has won two coveted awards from Commerzbank AG, Frankfurt for best "Straight Through Processing (STP) in Qatar" in the fields of commercial payments and trade finance for 2013. This is the first time that the leading German bank is handing over two awards to a bank simultaneously.
At a ceremony held at the International Islamic's headquarters at Grand Hamad Street in Doha, the awards were presented by senior Commerzbank executives, Stefan Dettner and Ertugrul Goeaelel to Ehab Eshehawi, Chief Operating Officer of International Islamic.
The International Islamic's Chief of Investment and Treasury, Peter Bokma and Head of International Operations Asim Mahmood were among those present.
Receiving the awards, Eshehawi said the International Islamic is proud to partner with Commerzbank, a reputable German bank of great stature.
"We are happy to receive the awards for Straight Through Processing in the fields of Commercial Payments and Trade Finance. We are pleased that we have received the STP performance award from Commerzbank in recognition of the bank's continuous effort to improve its back-end processing.
"At QIIB, we give priority to train and equip our staff using advanced banking techniques, and to also ensure that the bank has the latest technology in line with STP requirements. Our team deserves praise for its performance in achieving such results."
Eshehawi said the granting of the awards confirms the bank precision in formatting foreign payments in the Commercial Payments and Trade Finance areas with no errors. Proper formatting of payments is extremely important because it ensures payments have been made through the system without any manual intervention, thereby reducing costs, eliminating errors and facilitating timely delivery to end-beneficiaries. All these require a high degree of efficiency, which the bank has demonstrated.
In his remarks at the award ceremony, Stefan Dettner said the STP procedures adopted by QIIB matched the best standards in Straight Through Processing globally.
"We have been dealing with QIIB for a long time, we appreciate the efficiency with which the bank responds to the standards that are required by SWIFT, particularly in the area of payments" said Dettner. Commerzbank is a leading international commercial bank with branches and offices in more than 50 countries. The core markets of Commerzbank are Germany and Poland.
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