Bank of Sharjah awarded annual STP award by Commerzbank for second year in row

Bank of Sharjah (BOS) announced today that it has been awarded the prestigious annual STP award by Commerzbank for the second year in a row. This award was granted for BOS’s outstanding performance in straight-through-processing (STP) and the delivery of commercial and financial institutions transfers in Euros. 

The Bank has achieved a non precedential STP rate of more than 95% for its customer and interbank transfers. The award recognises BOS’s state-of-the-art in-house payment architecture and reflects the Bank’s consistently high straight-through-processing standards and capabilities.

BOS, with its strong presence in commercial banking and trade finance, is receiving recognition for operational excellence in this field.  Accuracy in transactions was one of the key criteria for COMMERZBANK when selecting winners of the award. 

Mr. Benjamin Duve, Relationship Manager COMMERZBANK Dubai Branch, visited the Head Office in Sharjah to deliver the award which was received on behalf of the bank by Mr Mohammed ASGHAR, Senior Operations Manager and Mr. Fares SAADE, Senior Manager. 

The COMMERZBANK official praised the professionalism of Bank of Sharjah and pointed out that such a high STP rate clearly indicates the in-depth understanding of Swift standards and the very professional adoption of STP rules in BOS’s operations team. 

COMMERZBANK is Germany’s leading bank for private and corporate customers with approximately 15 million clients worldwide. It ranks among the largest service providers for financial institutions in Europe, having received numerous international awards for its leading Euro payments and trade services.