Kuwait Finance House – Bahrain announced that it has received the Straight-Through Processing (STP) Excellence Award, which is awarded in recognition of exceptional performance in the field of automated processing of private transfers to individuals and financial institutions. During the event at the Bank’s headquarters, the award was handed by Mr. Mohamed Al-Hammadi, Director of Correspondent Banking Group, Head of Financial Institutions in GCC, Pakistan and Iraq at CitiBank to Mr. Mohamed Fahmi Hamad, Executive Manager of Operations, IT and Corporate Communications at KFH-Bahrain.
Commenting on the occasion, Mr. Mohamed Fahmi Hamad, Executive Manager of Operations, IT and Corporate Communications at KFH-Bahrain said: “We are proud of this achievement, as this award reiterates KFH-Bahrain’s commitment to process remittances in accordance with the standards approved by CitiBank. We affirm our continued efforts to maintain the level of excellence whilst continuing to accomplish all our banking activities at the highest levels of quality and efficiency.”
“We would like to congratulate KFH-Bahrain for receiving this prestigious award, which bears witness to its outstanding performance in the field of automated remittance processing. This award also comes as a testament to the Bank’s solid position as one of the leading Islamic banks at a local level and a major contributor to the development of the Islamic financial sector in the Kingdom of Bahrain,” commented Mr. Mohamed Al-Hammadi, Director of Correspondent Banking Group, Head of Financial Institutions in GCC, Pakistan and Iraq at CitiBank.
CitiBank presents annual awards for excellence in straight-through processing, to honor the banks around the world that have succeeded in achieving the highest standards in clearing customers’ transfers and financial settlements, based on their STP rates; that is the percentage of automated payment transactions that are completed without the need for human intervention, as these entities will be able to process and receive payments faster rather than following the traditional method.