Doha: Commercial Bank, a pioneer in digital banking solutions in Qatar, has partnered with Citi to introduce 24/7 USD cross border transfers, becoming the first bank in Qatar to offer this innovative service.

This collaboration leverages Citi’s 24/7 USD clearing technology service, enabling customers to make USD transfers at any time without requiring new technology or proprietary channels. The initiative is set to revolutionise the international payment processing landscape by providing seamless and uninterrupted transactions for businesses and institutions across different time zones.

Commenting on this landmark achievement, AGM Head of Asset and Liability Management at Commercial Bank Omran Al Sherawi said, “Collaborating with Citi to launch the first 24/7 USD Cross Border Transfers in Qatar is a transformative step in enhancing the efficiency of global payment processing. As pioneers in Qatar’s digital landscape, we are proud to offer our clients greater financial flexibility and faster transactions. This initiative reflects our ongoing dedication to supporting Qatar’s strategic position as a key player in the global financial ecosystem.”

Further solidifying its leadership in banking innovation, Commercial Bank has also received Citi’s prestigious Straight Through Processing (STP) Excellence Award, recognising its outstanding performance in executing commercial and treasury transfers.

The STP Excellence Award is granted annually to partner banks that achieve an STP rate above 99 percent in processing international transfers. This high STP rate ensures that transactions are executed automatically, reducing operational risks and significantly improving turnaround times for customers. The award highlights Commercial Bank’s dedication to operational excellence and its role in advancing Qatar’s financial sector.

Emphasising the significance of this collaboration, MEA Head of Financial Institutions Sales at Citi Emre Umut said, “Our partnership with Commercial Bank exemplifies how Citi continues to enable the growth ambitions of clients in Qatar. Citi’s 24/7 USD Clearing service is a market differentiator that enhances client capabilities to facilitate ‘Always On’ faster and more efficient USD instant paymenttransfers.”

By introducing 24/7 USD cross border transfers, Commercial Bank ensures that its clients remain competitive and agile in an increasingly globalised economy. This initiative reinforces the bank’s commitment to customer-centric financial solutions, positioning it at the forefront of financial innovation in Qatar.

The collaboration with Citi further strengthens Commercial Bank’s reputation as a leader in digital banking, paving the way for more groundbreaking financial solutions in the future.

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