Commercial Bank, a leader in digital banking in Qatar, has partnered with Citi to offer 24/7 USD Cross Border Transfers. It is the first bank in Qatar to provide this service. This collaboration utilizes Citi’s 24/7 USD Clearing technology, allowing clients to make USD transfers at any time of day. Importantly, it does this without requiring new technology or proprietary systems.
The new service aims to revolutionize international USD transfers by ensuring seamless payment processing. It will provide businesses and institutions with the flexibility to make transfers across time zones. This will enhance efficiency in global payment processing.
Omran Al Sherawi, AGM Head of Asset and Liability Management at Commercial Bank, commented on the milestone. He stated, “This collaboration with Citi marks a transformative step for us in enhancing global payment processing. We are proud to offer our clients greater flexibility and faster transactions. This aligns with Qatar’s growing role in the global financial ecosystem.”
In addition to this new service, Commercial Bank was also honored with Citi’s prestigious Straight Through Processing (STP) Excellence Award. This recognition celebrates the bank’s exceptional performance in executing commercial and treasury transfers with an STP rate above 99%. The STP process ensures automatic transfers without human intervention, eliminating operational risks and improving the speed of customer transactions.
Emre Umut, MEA Head of Financial Institutions Sales at Citi, expressed his enthusiasm about the partnership, saying, “Our collaboration with Commercial Bank reflects Citi’s commitment to supporting Qatar’s growth. Citi’s 24/7 USD Clearing service provides clients with faster, more efficient instant payment transfers. This ensures they stay competitive in the global market.”
With this development, Commercial Bank further strengthens its customer-centric approach and leadership in Qatar’s financial sector. It offers innovative financial solutions to meet the evolving needs of its clients.
