Noor Bank Presented with Citi STP Award for Fourth Consecutive Year

Dubai, UAE, 1 November, 2016:  Noor Bank announced today that it won Citi’s ‘Straight Through Processing (STP) Excellence Award’ for the fourth successive year. The award recognises Noor Bank’s exceptional service towards customers’ international payment transfers during 2015. 

STP implies that payments sent by Noor Bank to Citi for clearing were processed automatically without human involvement. Noor Bank was awarded after achieving high STP rate of more than 99.77% in terms of payments during 2015.  The award indicates the consistent quality that Noor Bank maintains in processing its international payments, while ensuring the accuracy of electronic payments and a low cost. 

Speaking about the award win, Ahmed Kalim, COO, Noor Bank said, “We are pleased to have achieved this prestigious recognition for an incredible fourth time in a row, by Citi. Noor Bank’s success can be attributed to our continued emphasis on implementing the best global standards in managing our processes, people and service delivery. This feat also augurs well with our ISO 9001:2015 certification, achieved recently.”

“The award is also further evidence of the consistent and customer centric approach we have towards our operational processes, especially foreign currency payments processes. The high STP rate not only reduces the overall cost of payment processing, but also ensures the end customer receives payments without any delay.”

On his part, Mohamed Ahmed Al Hammadi, Vice President, Correspondent Banking Group, Treasury and Trade Solutions said, “We are honoured to present this award to our partner bank, Noor Bank. The win acknowledges the bank’s robust operational processes and controls, quality of data and information, as well as the excellent competency of the organisation. The near-perfect STP rate of ‘99.77%’ also indicate a commendable industry benchmark, and we sincerely wish Noor Bank all the best in the years to come.”

The award was bestowed to Noor Bank after a rigorous evaluation from Citi. Citi assessed the ability of financial institutions around the world, against a set criteria in excellence of electronic payments processing. The criteria primarily focused around the accuracy and security in conducting transactions in line with regulatory requirements.