- On 21/08/2016
Recognition reflects bank’s commitment to comply with highest international standards in managing financial transactions electronically
UAE, August 20, 2016 – The Arab Bank for Investment and Foreign Trade (Al Masraf) Al Masraf Bank, one of the UAE’s premier banking institutions, has been conferred the ‘Straight Through Processing (STP) Excellence Award’ by Commerzbank AG for the second consecutive year. The annual award recognizes the outstanding achievements and practices of international financial institutions that ably meet the rigorous criteria and guidelines specified in managing online banking transactions and financial transfers.
Al Masraf Bank has been recognized for its exemplary performance and sustained commitment to comply with the highest specifications followed globally in the field of electronic payment transfers. The bank has achieved a 98.93 per cent STP rate of type MT103 and a 99.56 percent STP rate of type MT202, reiterating its keenness to optimally invest in cutting-edge and innovative technology to take smart banking services to the next level of efficiency and excellence. The winning of the STP Excellence Award complements the tireless efforts carried out by Al Masraf under its strategic plan to improve its portfolio of sophisticated banking services through strategic investments in modern banking IT.
Faisal Galadari, Chief Executive Officer, Al Masraf, expressed his delight on winning the STP Excellence Award, which is a standard of excellence in the international banking and finance sector. Galadari said: “This prestigious award is a welcome addition to our achievements and successes, embodying our steady commitment to continue working hard to keep pace with the latest technological developments in the banking and financial field, which is currently on the threshold of a new era of positive changes driven by the growing demand for smart banking services. Al Masraf looks forward to leading this march towards further progress and prosperity, backed by a host of tools and distinct work mechanisms that has helped it face recent challenges and achieve growth in all performance indicators in the past year.”
Commerzbank, Germany’s second-largest bank, is a leading international commercial bank with branches and offices in more than 50 countries. Commerzbank’s private and corporate clients and institutional investors benefit from a comprehensive portfolio of banking and capital market services.