Commercial Bank of Dubai awarded by global bank Commerzbank for excellence in payments processing
Commercial Bank of Dubai has been adjudged winner of the coveted STP (Straight Through Processing) Excellence Award by leading global banking and financial services company Commerzbank.
The award is in recognition of CBD’s outstanding performance in payments processing and delivery of commercial and financial transfers. Specifically, it highlights the Bank’s notable execution of commercial and financial payments in Euros.
STP is an initiative of financial companies to speed up the processing of capital market and payment transactions. It allows information that has been electronically entered to be transferred from one party to another in the settlement process without manually re-entering such information.
Commerzbank said CBD has exhibited “outstanding” performance, scoring STP efficiency rates in the high 90s.
Such achievement underlines CBD’s consistent efforts to ensure that its staff are properly trained and its systems are well-equipped in line with the STP requirements. Such efforts complement CBD’s objectives of delivering quality service and meeting and exceeding customer expectations – both of which are fundamental to the Bank’s ethos.
The award was received by CBD officials led by Mahmood Hadi, Chief Operations Officer together with Lakshmanan Sankaran, Deputy General Manager and Head of Operations & Trade Finance; and Hassan Al Redha, Assistant General Manager and Head of Financial Institutions.
Commerzbank representatives Ralph Nitzgen, Senior Executive Officer and GM for Dubai branch and Michael Gehrmann, Senior Relationship Manager handed the award in a function organized at CBD office.
Mahmood Hadi, Chief Operations Officer at CBD said: “We are honored to receive this award from Commerzbank, which has a global reputation for being a reliable, fair and competent partner. We dedicate this award to our customers and employees who make this possible. We continually invest in the development of state-of-the art payments system and high-caliber personnel for the benefit of the Bank and the people it serves.”
For his part, Ralph Nitzgen, Senior Executive Officer and GM for Dubai branch at Commerzbank, said: “This award clearly is a recognition of CBD’s highly efficient payments processing capabilities and leverage in the global SWIFT financial network. It speaks volumes about the significant importance that CBD has attached to STP, which is key to ensuring that payments are delivered to the concerned beneficiaries without delay in a secure and reliable environment.”
Frankfurt-based Commerzbank has strong presence and network in Germany, Europe, and the rest of the world. With some 1,200 branches, Commerzbank has one of the most dense branch networks among German private banks. In total, it boasts of nearly 15 million private customers and 1 million business and corporate clients.