Doha, 18 June 2009 - Qatar National Bank (QNB) has been awarded the prestigious Euro STP Excellence Award 2008 by Deutsche Bank for the second consecutive year.
The award is in recognition of QNB's exceptional quality in processing Euro-denominated payments, as well as a high rate of STP transactions overall.
The Straight Through Processing (STP) award is given to a select few international banks each year to highlight their achievements in processing outgoing payments.
QNB is one of a few institutions in the region, and the first Bank in Qatar, to receive the Euro STP award for 2008.
A delegation from Deutsche Bank, Dubai, presented the award to QNB at the Bank’s Head Office in Doha.
STP automates the end-to-end processing of capital markets and payment transactions using a system that electronically captures and processes them in one pass, from the point of the first deal to final settlement.
It replaces traditional transactions that involve multiple data entry points across the transaction cycle which can be susceptible to errors and discrepancies, and most importantly require human input which adds to overall costs.
The increased rate of global trading and consequent transaction processing using STP systems reduces operating costs and ensures accuracy and greatly shortened transaction periods, which benefits banks such as QNB, as well as its international trading partners.