Gulf Bank receives ‘Straight Through Processing Excellence’ award 2016
Gulf Bank yesterday announced it has been awarded the prestigious ‘Straight Through Processing Excellence’ Award 2016 from Citibank for the Bank’s STP Rate of 99.8 percent for Treasury and commercial payments. This is the Sixth consecutive year that Gulf Bank receives this award.
Straight Through Processing (STP) is the full automation of a payment transactions by which financial institutions receive and process a payment by an electronic system without the requirement of any manual intervention. This automated process increases the efficiency and eliminates any delay in execution of payments.
The award was received by Khaled Al-Mutawa - General Manager - International Banking and Investments; Mona Mansour General Manager - Customer Service Delivery, Maab Al-Qassem - Executive Manager International Banking & Investments; and Nouria AlBader Deputy General Manager - Central Operations. It was presented by a team of Citibank representatives that included Mohamed A AlHammadi - Vice President Correspondent Banking Group Middle East & Public Sector - Treasury and Trade Solutions, Emre Umut -Director - Head of F.I. & Correspondent Banking Sales MENAPT, Omar Kopti - Vice President - Corporate & investment Bank and Mohannad Barakat - Vice President - Treasury & Trade Solutions Head.
Receiving the award on behalf of the Bank, Al-Mutawa said: “We are honored to receive this award and proud to be recognized by such a renowned financial institution as Citibank. Receiving this award is acknowledgment for being one of the top correspondent banks and it reinforces our reputation as a market leader in operations and service quality.”