Commercial Bank has taken a major step by collaborating with Citi to introduce 24/7 USD transfers, making it the first in Qatar to offer this service. This move allows customers to transfer funds at any time without relying on new technology or special channels.
By launching 24/7 USD transfers, the bank ensures quick and flexible international transactions. Businesses and individuals can now send money across different time zones without delay. This service enhances Qatar’s financial sector by offering smooth cross-border transactions.
Omran al-Sherawi, Head of Asset and Liability Management at Commercial Bank, highlighted the significance of this development. He emphasized that introducing 24/7 USD transfers strengthens Qatar’s role as a global financial hub. He also stated that the bank remains committed to enhancing digital financial services.
Commercial Bank’s success in improving international transfers earned it Citi’s ‘Straight Through Processing (STP) Excellence Award’. This award is given to banks that achieve an STP rate above 99% in handling commercial and treasury transfers.
STP technology automates transactions, eliminating human intervention. This results in fewer errors, lower risks, and faster processing times. By maintaining a high level of efficiency, the bank continues to lead Qatar’s financial innovation.
Citi’s MEA Head of Financial Institutions Sales, Emre Umut, praised the partnership. He explained that 24/7 USD transfers allow clients to stay competitive and agile in a fast-moving global market.
By adopting advanced technology, Commercial Bank reinforces its position as a leader in Qatar’s financial industry. Its focus on customer convenience ensures that clients experience smooth and secure international transactions.
