Commercial Bank of Kuwait Receive the Prestigious Commerzbank STP Award 2015
In recognition of its operational excellence the Bank was awarded the prestigious Commerzbank STP Award 2015 for the 4th consecutive year, for achieving a ‘straight through processing‘ (STP) accuracy rate of over 95% in processing financial and commercial payments. STP is a payment formatting standard involving automatic processing technologies which reduces the cost, time of payment processing, and settlement risk.
This award is presented to a selected group of leading financial institutions worldwide which has state-of-the-art international STP electronic payment services and meet stringent correspondent banking and processing accuracy criteria.
Mr. Paul Daoud, Acting General Manager – Operations Division received the award from Mr. Michael B. Gehrmann, Senior Relationship Manager –Financial Institutions.