Kuwait Finance House (KFH) won STP award 2016 from Citi Bank, as the best financial institution in the Middle East to deal with Citi Bank, yet the bank that has achieved the highest rates in the award-winning criteria. STP is an award for “Straight Through Processing” without manual intervention for remittances to Citi.
Present at KFH Headquarters to hand over the award to KFH were Mohamed A. Al Hammadi, Vice President Correspondent Banking Group, Mohannad Barakat, Vice President Treasury and Trade Solutions, and Raad Shukri, Wholesale Banking and Investment at Citi.
Group Chief Strategy Officer, Fahad Khaled Al-Mukhaizeem, Group Chief Treasury Officer, AbdulWahab Al-Roshood and Group Chief Operations Officer, Abdullah Abu Alhous at KFH received Citi delegation.
“We would like to congratulate KFH on the occasion of winning the STP award from Citi Bank for the year 2016. This award is yet another testimony of KFH’s robust and leading position in this field. KFH has deservedly won the award for it met the criteria of winning the award” said Al Hammadi.
He added in a press statement that KFH is ranked among the best banks, and the STP award is a clear-cut evidence of its excellence as this award is only given to prestigious financial institutions that implement advanced and secure systems as per international standards.
Meanwhile, Group Chief Operations Officer at KFH Abdullah Abu Alhous said that the award reassures the advanced systems at KFH, yet affirms the competencies and skills of KFH’s human resources. He added that Citi Bank is one of the largest financial institutions in the world. It has a network of relationships with financial institutions at the global level. Citi sets professional and accurate criteria to measure the competency of the remittances processing and the electronic payment of financial institutions. It awards the best institutions that comply with the award winning criteria. KFH achieved the highest rates of the set criteria, thus won the award. KFH takes pride in STP award as it comprises an impetus for further achievements in the field of human resources skills and technological advancement. He illustrated that the criteria is based on the accuracy and security in conducting transactions in line with the regulatory requirements, not to mention the competency and quality of data and information.
Group Chief Treasury Officer, AbdulWahab Al-Roshood said that this award confirms KFH’s excellence in dealing with the global financial institutions, while reflects the confidence of those global financial institutions in KFH. Also, the award reflects the confidence in the Islamic banking transactions. He stressed the importance of optimally utilizing technology for the best interest of customers and human resources.