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.

Abeer Al Emadi, head of Operations at ibq 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 recognizing the quality of our performance. This award is also a testament to our highly qualified professional team.”

Andreas Mende, regional head Middle East FI at Commerzbank, said at the presentation of the award to ibq: “Our award recognizes 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 cooperation between ibq and Commerzbank.”

Commerzbank is a leading international commercial bank with branches and offices in more than 50 countries. – TradeArabia News Service