KUWAIT: Deutsche Bank has awarded Gulf Bank with the annual Operational Excellence Award in recognition of nine years of exceptional performance. For the past nine years, Gulf Bank’s Straight-Through Processing (STP) ranges has been in the 99 percent percentile, with the Bank consistently achieving rates of over 99.7 percent year after year.
This achievement demonstrates how Gulf Bank is greatly reducing the administrative impact of payment processing, and is working continually to increase efficiency in formatting while ensuring strict compliance with globally recognized payment standards. Gulf Bank is one of only three banks in Kuwait that received the award from Deutsche Bank for 2018.
Commenting on the award, Angel Perez-Camacho, Client Manager for Institutional Cash Sales & Client Management in the Middle East & Africa at Deutsche Bank, said: “We are pleased to recognize the accomplishments of Gulf Bank in Kuwait with Deutsche Bank’s Operational Excellence Award. The award recognizes Gulf Bank’s successful achievement of a Straight-Through-Processing rate of over 99 percent in clearing Euro transactions throughout 2018, thus ensuring higher accuracy and efficiency along with a seamless experience for its clients.”
Commenting on the award, Mona Mansour, General Manager of Customer Service Delivery at Gulf Bank added: “Operational excellence is of the utmost importance at Gulf Bank. For the past nine years, we have been striving to ensure our customers’ payments are made quicker and more efficiently year after year. We truly could not be more pleased to be recognized not only for our excellent STP rates, but for our consistency in delivering operational services that exceed our customers’ expectations.”
Each year, Deutsche Bank recognizes financial institutions across the globe that demonstrate outstanding efficiency in processing payments in euro and in US dollar which is measured through the Straight-Through-Processing (STP) payment rate. An STP payment is a payment that qualifies for automatic processing, and usually gets executed in a matter of seconds, without any manual intervention. Having a high STP rate consequently ensures that payments are made in a faster, more accurate and efficient manner. The award recipient deserves recognition as it reflects consistency in operational excellence, as even a temporary deviation in services or quality can affect the annual STP rate.