(MENAFN- Gulf Times) International Bank of Qatar (IBQ) has won the Commerzbank "Straight Through Processing" (STP) award for the fifth consecutive year. This award recognises the bank's "outstanding performance" in the execution of commercial and financial payments in Euros.
STP is a payment formatting standard involving automatic processing technologies which reduces the cost, time of payment processing, and settlement risk.
IBQ head of Operations Abeer al-Emadi said: "The importance of faster remittances and settlements for IBQ's valued clientele has always been integrated into our system. This award is an acknowledgement of the high-quality standards maintained by IBQ for international settlements and proves the effectiveness of our payment processing technologies.
"We are delighted to have received this award and are grateful to Commerzbank for recognising the quality of our performance. This award is also a testament to our highly-qualified professional team."
IBQ's advanced in-house payments architecture reflects the bank's consistently high SWIFT standards, which facilitate automated processing throughout the payment process. Accuracy in transactions is one of the main criteria for Commerzbank when choosing winners of the award.
Andreas Mende, regional head Middle East FI at Commerzbank, said: "Our award recognises IBQ's solid operational services and the international best practices the bank's management and personnel have brought to the domestic market.
"IBQ is one of the few banks in the region to receive our recognition for operational excellence in this field. The award also reflects the special relationship and ongoing co-operation between IBQ and Commerzbank."
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. With the business areas Private Customers, Mittelstandsbank, Corporates & Markets and Central & Eastern Europe, its private customers and corporate clients, as well as institutional investors, profit from a comprehensive portfolio of banking and capital market services.
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