Every year, Citigroup, a leading global bank headquartered in New York and present in more than 160 countries, rewards a select number of banks and financial institutions that showcase the highest rates of efficiency in terms of foreign currency payments. Essentially, STP refers to transactions processed diligently and without human intervention – which results in a more cost-effective and timely process. Fidelity Bank, which has consistently won the award for several years, successfully achieved an STP rate of 99% for 2020.
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