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 revolutionize the international payment processing landscape by providing seamless and uninterrupted transactions for businesses and institutions across different time zones.
Omran al-Sherawi Assistant GM, Head of Asset and Liability Management, Commercial Bank
“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.”
In addition to this significant accomplishment, Commercial Bank also received Citi’s prestigious ‘Straight Through Processing (STP) Excellence Award’ in recognition of its exceptional performance in executing commercial and treasury transfers. STP ensures that transfers are done automatically without human involvement, resulting in zero operational risks and benefiting the turnaround around time for customers’ transfers.
Emre Umut, MEA Head of Financial Institutions Sales at Citi, stated that, “Our collaboration with Commercial Bank exemplifies the way Citi has continued to enable the growth ambitions of clients in Qatar. Citi’s 24/7 USD Clearing service is a differentiator within the market that enhances client capabilities to facilitate ‘Always on’, faster and more efficient USD instant payment transfers.”
By ensuring the clients remain competitive and agile in a global market, Commercial Bank reinforces its customer-centric financial solutions, emphasizing its leadership in financial innovation.
