Al Fardan Exchange – UAE, a leading money exchange and remittance house, enables salary distribution and instant remittances on other banks ATM network. To enable this, Al Fardan has joined hands with ENBD and connected IRIS with ENBD switching system for offering salary disbursement and online remittances from bank’s ATMs. This implementation is the first of its kind in the whole of Middle East.
IRIS at AL Fardan serves as a complete salary card solution, POS controller and ATM controller system. It’s a complete pay roll management system for corporates and facilitates quick and transparent salary disbursement cycles in light of the WPS mandate by the UAE Central government. The solution also caters to companies that are not part of WPS.
Initially under this solution Al Fardan Exchange implemented TPS Switch and Prepaid Card System to connect ATMs/POS and issue stored value cards to the employees of the companies. AFX now took its initiative further by connecting IRIS with ENBD’s switching system. Emirates EBD bank is one of the biggest banks in UAE with over 650 ATMs spread across the country.
The solution enables end-to-end automation of remittances and salary disbursal for AFE operations. Till date there are 75,000 registered employees from different corporations in UAE who are withdrawing salaries from POS or ATMs. Al Fardan enables corporates to offer e-money card holders a greater degree of convenience allowing them to access salary withdrawals and remittances 24 x 7 through a wide coverage of ENBD ATMs spread across the country. Remittances can now be made to any correspondent bank worldwide with competitive rates.
Corporates can now focus more on their core business activities as they save the trouble of the additional accounting required for cash transactions.
