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Three Nigerian banks win error-free processing award

By on June 17, 2014

Ecobank Nigeria, Fidelity Bank Plc and Stanbic IBTC were at the weekend presented with the Deutsche Bank US Dollar Straight Through Processing (STP) excellence award for 2013.

The STP or Error-free processing award is given by Deutsche Bank annually to banks with high volume of foreign currency transactions, but with little or no error.

Speaking at a ceremony held in Lagos, the Country Head of Deutsche Bank, Mr. Charles Weller, commended the banks for achieving the feat.

According to him the banks had ranked among 500 banks globally.
He disclosed that Deutsche Bank is working with all its partner banks to improve the level of efficiency in their transactions.

“We are telling them where they are making mistakes. We try to educate the banks to eliminate their mistakes. Sometimes it is not the bank’s fault; it is the person that is making the transfer that provides wrong account number.

“So it is a developing dynamic over the years. It is an education factor and it is bringing everybody together. We are the only bank that does these awards in US dollar globally and it is very important for us in Nigeria to award our partner banks and to recognise their individual staff. This is to ensure that their staff,” Weller explained.

In her response, the Executive Director, Shared Services, Fidelity Bank, Mrs. Chijioke Ugochukwu, said her institution won the award because of its strength in commercial payment, adding that Fidelity Bank had put a lot in place to achieve the feat.

According to her, there has been massive improvement in the training of members of staff, upgrading our technology and conducive working environment at Fidelity Bank.

“Clearly, our standards have continued to rise and we did a lot to get this far. 98.8 per cent is an excellent score.

“This award means a great deal to Fidelity Bank to be adjudged to be one of the top three in a field as competitive as commercial payment. It is phenomenal by our staff who worked very hard to be recognised internationally,” she added.

Mrs. Adeola Azeez of Deutsche Bank said the award was introduced over 10 years ago because of the bank’s quest to help create exceptional, efficient and customer-focused STP globally.

She noted that Deutsche Bank is continually setting higher standards and is focused on helping its clients achieve the highest possible STP rates.

 

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One Comment

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