(MENAFN- The Peninsula)
The Peninsula
Doha: QIIB has announced the launch of its LC digital platform for customers, eliminating the need to visit the bank. This makes QIIB the first bank in Qatar to introduce such a service.
This platform is distinguished by its adherence to high and globally followed standards, seamlessly integrating efficiency, accuracy, and security. It equips businesses with the essential tools to manage trade finance transactions effortlessly, thereby enhancing productivity and boosting competitiveness.
Moreover, the platform offers an outstanding feature of round-the-clock availability, allowing customers to submit requests for the issuance of Letters of Credit at any time and from any location. This capability will undoubtedly contribute to the acceleration of transaction processing.
QIIB made sure through the launch of the LC digital platform to raise the standards in relation with verification and compliance with LC standards, especially regulatory compliance, where the platform includes automated checks to ensure that submissions meet international trade and banking regulations.
Through the launch of its LC digital platform, QIIB has elevated the standards of verification and compliance with Letter of Credit (LC) requirements, particularly with regard to regulatory adherence. The platform incorporates automated checks to ensure that all submissions align with international trade and banking regulations.
Commenting on the launch of the platform, Mohammed Khair Barhoumeh (pictured), Chief Operations Officer at QIIB, stated:“We are honoured to be the first bank in Qatar to introduce the digital platform for Letter of Credit requests, setting a pioneering standard in the industry. This platform marks a significant enhancement to our service offerings, further improving the flexibility with which we manage our operations, while simultaneously reinforcing the operational efficiency that is a hallmark of QIIB”.
“We have ensured that the steps for submitting Letters of Credit (LCs) are streamlined and centralised, with all activities- including submission, tracking, amendments, and approvals- being processed within a single platform. This unified approach simplifies the use of the platform's tools, making it accessible even to those without specialised expertise.”
Barhoumeh clarified,“The platform helps reduce administrative costs for customers while providing real-time updates on their submissions. It ensures full transparency by allowing users to track the status of LC submissions, amendments, and approvals. Additionally, it offers a feature for alerts and notifications.”
The Chief Operations Officer at QIIB emphasised,“The bank has implemented the highest standards of data security on the LC digital platform, maintaining the same level of security that has always been applied to all data at QIIB.”
He urged all QIIB customers to take full advantage of this platform, which has been specifically designed for their needs and will be accessible to all business customers via online corporate banking.
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