DOHA: Qatar International Islamic Bank (International Islamic) has been chosen for the “Award for excellence in Straight Through Processing (STP)” instituted by Commerzbank.
Commerzbank is a leading bank in Germany and Poland that boasts nearly 15m private customers, as well as 1m business and corporate customers across the globe.
International Islamic’s Chief Operating Officer Ali Hamad Al Mesaifri received the award from Ralph Nitzgen, SEO & General Manager, Commerzbank, Dubai Branch and Benjamin Duve, Relationship Manager, Commerzbank, Dubai Branch at a ceremony.International Islamic Chief of Treasury & Investments, Peter Bokma, Head of Local Operations Ahmed Ballan and First Supervisor –International Operations-Najeeb Ahmed Nasiruddin were also present.
Commerzbank said: “The STP award is given in appreciation of International Islamic’s ability to use the correct fields in SWIFT messages, which enable the payments to pass through the receiving banks systems without manual intervention.”
International Islamic’s staff members staff members are being given regular training and swift STP courses designed to update the knowledge of the swift messaging system and use of correct fields. Al-Mesaifri said: “International Islamic attached significant importance to STP as proper formatting of payments was key to ensuring that the payments went directly without any manual intervention. If the payment is wrongly formatted, we have to stop and repair it before we can send the payment to the beneficiary concerned. The result is a delay in receiving payments at the beneficiary side.”