Al Fardan Exchange – UAE, a leading money exchange and remittance house, has successfully launched ‘E-money’, an effective payroll solution that allows companies to modernise their payroll system by making the salary disbursement automated, empowering the end blue collared worker with the facility of electronic money.
The industry leading IRIS switch and a versatile cards product provides this end-to-end solution to Al-Fardan Exchange for wage payment and online remittances through various delivery channels like POS and ATMs. This comprehensive solution is compliant with Wage Protection system law introduced by Ministry of Labour UAE in conjunction with Central Bank to protect the basic rights of employees and employers to ensure timely payment of wages.
This corporate payroll solution is 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 WPS. The innovative product infuses greater reliability to payroll management and has been a huge success in the UAE.
Using this innovative service, the employer registers its employees online with Al Fardan Exchange 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. More than 70 POS terminals have been deployed in all its branches and labor camps across UAE to offer salary disbursement. Leveraging the flexibility of IRIS, Al Fardan plans to maximize the reach of salary disbursement & 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.
In addition to employees, the solution also brings relief to employers with minimal paper work and documentation procedures for payroll enrolling; fast and efficient account reconciliation; complete automation for back-end procedures, reports & routine operations.
Till now TPS’ IRIS has processed several hundred thousands of salary transactions with more than 300 satisfied employers using this service from Al Fardan. Numbers speak for themselves; over the last six months the client base of Al Fardan Exchange has increased to more than 30% and the card base has crossed 60,000 reflecting the success of Al Fardan “E-money” project by opting for TPS’ Online Labour Management System (IRIS).
“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 & labour camps spread across different locations in UAE”
Mr. Osama Hamza Al Rahma,
General Manager, Al Fardan Exchange
