Kuwait Finance House (KFH) has been awarded the prestigious Citi Performance Excellence Award for leadership and excellence in global electronic payments. This award is presented to leading financial institutions worldwide which have state-of-the-art international ‘straight-through-processing’ (STP) electronic payment services and meet Citi’s stringent correspondent banking and processing accuracy criteria.

KFH CEO, Mazin Saad Al-Nahedh stated on receiving the award from Citi delegation at KFH Headquarters, that KFH pays great attention to the technological development that is eyed as the core of service quality and the means that further serves in achieving clients’ ambitions. KFH enhances its systems and platforms in order to cope with the latest technological development in the banking field in line with the highest international standards.

He added that KFH works tirelessly to put E-services at its clients’ disposal as they have become one of the basic necessities of banking and an integral part of secure, fast and excellent service. He affirmed that KFH achieved outstanding performance and efficiency levels in the domain of electronic payment services.

Meanwhile, Mohannad Barakat, Treasury and Trade Solutions (TTS) Head said “STP is the automated process of payments without manual intervention which increases processing speed, minimizes routing errors, lowers operations and transaction costs while resulting in efficient, rapid payment execution and credit for the bank and the customers it serves”.

For his part, Ozgur Kutay, CEO at Citi Kuwait commented: “We are working closely with top financial institutions in Kuwait, such as KFH, to raise the bar in banking technology within the country and across the region. KFH deserves recognition as it contributes to the industry’s rapid progress.”