Gulf Bank today announced it has actually been awarded the distinguished ‘Straight Through Processing Excellence’ Award 2016 from Citibank for the Bank's STP Rate of 99.8% for Treasury and business payments. This is the Sixth consecutive year that Gulf Bank obtains this award.
Straight Through Processing (STP) is the full automation of a payment transactions by which financial institutions get and refine a repayment by a digital system without the demand of any kind of hands-on intervention. This automated procedure raises the performance and eliminates any type of hold-up in execution of payments.
The award was obtained by Mr. Khaled Al-Mutawa - General Manager - International Banking and Investments; Ms. Mona Mansour - General Manager - Customer Service Delivery, Ms.Maab Al Qassem - Executive Manager - International Banking & Investments; and Ms. Nouria AlBader - Deputy General Manager - Central Workflow. It existed by a group of Citibank representatives that included Mr. Mohamed A. Al-Hammadi - Vice President - Contributor Banking Group Middle East & Public Industry - Treasury and Trade Solutions, Mr. Emre Umut - Director - Head of F.I. & Reporter Banking Sales - MENAPT, Mr. Omar Kopti - Vice President - Corporate & investment Bank and Mr. Mohannad Barakat - Vice President - Treasury & Trade Solutions Head.
Getting the award in support of the Bank, Mr Al-Mutawa stated: "We are honored to get this award and happy to be recognized by such a prominent financial institution as Citibank. Getting this award is recommendation for being one of the top reporter banks and it strengthens our reputation as a market leader in procedures and solution quality."