Al Fardan Exchange – UAE, a leading money exchange and remittance house, has successfully gone live with IRIS switch for its integrated salary cards solution. With this implementation, Al Fardan Exchange is providing automated salary disbursement services to large number of employers in UAE and has empowered the end blue collared worker with the facility of electronic money. TPS’ IRIS – A versatile cards and switching product provides an end-to-end solution for wage payment and online remittances to Al Fardan Exchange, through various delivery channels like POS and ATMs.
As a brief background to this innovative solution, Ministry of Labour mandated that all companies should pay and automate salary disbursement of their employees through registered exchange houses or banks. TPS, being a cards and payment processing solution expert in the region, once again bridged this gap through its innovatory salary card solution for end-to-end automation.
This salary solution is based on TPS’ Switch and Prepaid Card System IRIS and TPS’ Web Portal PRISM product. It’s a corporate payroll solution designed to improve the salary disbursal process, enabling companies and their employees to process and manage salaries efficiently, in compliance with the stipulations of the UAE Ministry of Labour’s Wages Protection System. The innovative product infuses greater reliability to payroll management and has been a huge success in the UAE.
Al Fardan has branded the salary disbursement service for employers’ as “e-money”. Using e-money, the employer registers its employees online with Al Fardan Exchange and to avail payroll services powered by TPS’ PRISM Portal .This online interface improves operational efficiency and enables transparency throughout the process.
To enable salary cards Al Fardan Exchange is running TPS’ Switch and Prepaid Card System (IRIS) to connect POS and issue stored value cards to the employees of the companies. Al Fardan Exchange has deployed more than 70 POS terminals in all its branches and labor camps across UAE to offer salary disbursement. Leveraging the flexibility of IRIS, Al Fardan plans maximise the reach of salary disbursement and remittances by enabling extended delivery channels.
As millions of workers from around the globe seek employment in other countries, payments to their families back home are creating dynamic flows of money especially in the UAE. Al Fardan is positioned as one the most reliable exchange house in UAE offering remittance to millions of people. It has very successfully capitalized on this profitable market and by venturing in to offering WPS services its has been able to unite both Electronic Salary Disbursal and Automated Remittance services using TPS’ IRIS as a backbone under its e-money platform.
Till now TPS’ IRIS has processed over a hundred thousand of salary transactions. There are more three hundred satisfied employers using this service from Al Fardan. Numbers speak for its self; over the last six months the client base of Al Fardan has increased to more than thirty percent and the card base has crossed sixty thousand reflects the success of Al Fardan “E-money” project by opting for TPS’ IRIS and PRISM product.
“Al Fardan Exchange has already started its EWPS operations with renowned companies who are having thousands of workers/laborers in UAE and its going pretty well. Al Fardan is committed to provide services that deliver real value to its customers. It is a great privilege for us to help thousands of corporates across the UAE to disburse salaries as per the convenience of their employees, saving on the trouble of withdrawing and handling cash and the additional accounting required for cash transactions.
Employees on the other hand are enjoying the simplicity and convenience of receiving salaries directly on the Salary Card with an option to remit directly through e-money card. Employees can now withdraw their salaries and remit at the same time from the POS Terminals installed at our branches and labor camps spread across different locations in UAE”
Mr. Osama Hamza Al Rahma,
General Manager, Al Fardan Exchange.
