Al Fardan Exchange – UAE, a leading money exchange and remittance house, signed a deal with TPS for IRIS switch for its Integrated Salary Cards Solution. The signing ceremony was held during the proceedings of Cards Middle East 2009 in Dubai. TPS will provide end-to-end solution for wage payment and online remittances to Al Fardan Exchange.
Using e-money, the employers can initially register online with Al Fardan Exchange and avail the required payroll services such as employee registration, creation of required files for employer banks, Wage Protection System and monitor the status of paid/unpaid salary transactions of their respective employees.
Under this solution Al Fardan Exchange will be running TPS Switch and Prepaid Card System (IRIS) to connect POS / ATM and issue stored value cards to the employees of the companies. Al Fardan Exchange will be deploying POS terminals in all its branches across UAE and also provide POS terminals to its team members for on site salary disbursement.
TM machines would also be deployed as part of the solution on various sites in order to provide convenience to its customers.
As most of the employees tend to remit abroad, the e-money platform also provides facility to the employees to remit money to the desired beneficiary using POS and ATMs as electronic channels. This step came in as a result of the law being enforced by the Ministry of Labour, supported by the Central Bank of UAE that all the companies which are paying cash salary to their employees should pay the salary through the exchange houses and banks that are registered with th
e MOL and CBUAE for the service.
Al Fardan Exchange would be connected with the Wage Protection System introduced by Central Bank and Ministry of Labor wherein the files from respective employers would be processed on real-time basis as well as information on disbursement would be communicated back to the WPS on disbursement.
“With the Integrated Salary Card solution the employers will save on the trouble of withdrawing and handling cash and the additional accounting required for cash transactions. Employees on the other hand will benefit with the secure and convenient option of receiving salaries directly on the Salary Card. Using this infrastructure, AFE will be facilitating labors to have their salary disbursed from the POS Terminals installed at their branches spread across different locations in UAE.”
Mr. Osama Hamza Al Rahma,
General Manager, Al Fardan Exchange
.
