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The awards are an indicator of QIB's ever-increasing capabilities within the global market. It signifies the Sharia'-compliant institution is maintaining a high-end electronic transaction process, routing information quickly and without human error while decreasing cost and insuring precision and efficiency. The STP Award for Excellence is given to a select few international banks each year to highlight their achievements processing outgoing payments.
A reflection of the Bank's streamlined processes and complementary efforts, the STP program is helmed at QIB by Mr. Seif Eldine Ahmed Ibrahim, Manager, Correspondent Banking Department, Mr. Basheir Mastoor, Manager, Central Operations and Mr. Kader Abdulwahhab Ubaidallah, Manager, Central Remittance.
Mr. Ibrahim said of the award:
"QIB is happy to have been recognized for the performance of this program. It represents the many efficient programs the Bank provides through its competent staff and further enhances the image of the Bank."
STP denotes "Straight Through Processing," a means which automates the end-to-end processing of transactions using a system which electronically captures and processes payments in one pass from the point of origination to final settlement. The system replaces the traditional transaction process which involved more costly multiple data entry points and thereby decreases transactions' susceptibility to human error and discrepancies. STP systems reduce operating costs, ensure accuracy and reduce transaction periods.
Mr. Khalid H. Al Remaihi, QIB Head of International Banking and Financial Institutions, received the Commerzbank award on behalf of the Bank from Commerzbank's General Manager, Mr. Ralph M. Netzgen and Mr. Stefan Dattner and Mr. Alex Felix Seel, Relationship Managers, Financial Institutions.
Posted by Siba Sami Ammari
