Global payment leader CITI honours AfrAsia Bank with Straight-Through Processing Excellence Award

 

AfrAsia Bank has been awarded the respected Straight-Through Processing (STP) Excellence Award by Citi, one of the world's leading providers of transaction banking and payment services. The award recognises financial institutions that demonstrate outstanding performance in the automated processing of international payments while meeting Citi's stringent standards for operational efficiency, processing accuracy and correspondent banking excellence.

 

 

For the last review period, AfrAsia Bank achieved exceptional STP rates across commercial and treasury USD payments. These results underscore the Bank's commitment to delivering a seamless, efficient and reliable payments experience to both institutional and private banking clients conducting international transactions.

 

 

The STP award reflects adherence to the highest international standards in the field of payment transactions, reflecting the automated hands-free processing of our operations and strict compliance with globally recognised payment standards. STP is set up in a way that ensures that payments are done automatically without human involvement as a result of which less processing time and resources are used and proves effective for both AfrAsia Bank, Citi and the end customers. High STP rates are widely recognised as a key indicator of operational excellence and payment processing effectiveness.

 

 

Commenting on the achievement, Simon Threadgold, Chief Operating Officer of AfrAsia Bank, said, “It is an honour to receive this award from Citi, and to be recognised for our operational excellence by achieving industry-leading standards in payment processing. This milestone demonstrates the Bank’s passion for customers and reflects the dedication of our teams, who are empowered to provide exceptional service in respect of each transaction that they process, with a key focus on efficiency and accuracy. “