Commercial Bank is the first Bank in Qatar to offer 24/7 USD Cross Border Transfers in collaboration with Citi
12 March 2025
Doha, Qatar: Commercial Bank, a leader in innovative digital banking solutions in Qatar, has collaborated with Citi to become the first bank in Qatar to offer 24/7 USD Cross Border Transfers.
The Bank will fully utilize Citi’s 24/7 USD Clearing technology service, enabling clients to make USD transfers at any time, without the need to adopt new technology or proprietary channels. This service is set to transform the way USD transfers are processed internationally, offering seamless payment processing and providing businesses and institutions with greater flexibility across different time zones.
Commenting on this achievement, Omran Al Sherawi, AGM Head of Asset and Liability Management at Commercial Bank, 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."
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
Citi’s STP Excellence Award is presented annually to partner banks for settling international transfers with an STP rate above 99%. STP ensures that transfers are done automatically without human involvement, resulting in zero operational risks and benefiting the turnaround around time for customers’ transfers. The award underscores the Bank's commitment to operational excellence and its role in advancing Qatar's financial sector.
Emre Umut, MEA Head of Financial Institutions Sales, added, "Our collaboration with Commercial Bank exemplifies the way Citi has continued to enable 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.