IDBI Bank Receives 2011 USD STP Excellence Award from Deutsche Bank
IDBI Bank was awarded 2011 USD STP Excellence Award by Deutsche Bank at a function organized in Mumbai.
- (1888PressRelease) August 01, 2012 - IDBI Bank received the award for the exceptional quality of payment messages sent from its 39 Trade Finance Centers in India to Deutsche Bank, New York.
STP (Straight-through processing) of payment messages requires a high degree of consistency and accuracy in structuring of financial messages. STP enables the SWIFT based payment transactions to be conducted electronically without the need for manual intervention, subject to legal and regulatory restrictions.
In the absence of STP, the entire lifecycle, from initiation to settlement, in a remittance transaction, a complex labyrinth of manual processes, could take several days. With STP it can be compressed to as short as a few minutes or even seconds. STP is a key requirement given the explosive growth of foreign inward and outward remittances. Now the concepts of STP are applied to reduce systemic and operational risk and to improve certainty of settlement and minimize operational costs.
About IDBI Bank
IDBI Bank is the youngest, new generation, public sector universal bank that rides on a cutting edge core banking Information Technology platform. This enables the Bank to offer personalized banking and financial solutions to its clients through its 987. branches and 1586 ATMs. The Bank has an aggregate balance sheet size of Rs. 2,90,837 crore and total business of Rs 3,91,651 crore as on March 31, 2012. IDBI Bank's operations during the financial year ended March 31, 2012 resulted in a net profit of Rs.2,032 Crore.
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