Tuesday 29th October, 2013 – The impact of remittance on a country’s economy cannot be disregarded. World Bank reports a whopping $ 401 billion annual worker remittance sent to developing countries in 2012. In Pakistan, the major challenge is to receive these remittances through formal channels.
In Pakistan, documented remittances have increased from $ 1 billion in 2001 to a projected $ 14 billion in 2013. This has been possible through the efforts of Pakistan Remittance Initiative (PRI), whereby banks have received remittances of $13.5 billion through formal channels in 2012. For banks, this represents a tremendous opportunity to tap for growth.
Dubai Islamic Bank (DIB), seizing the opportunity, has partnered with TPS and launched Remittance Processing Solution (RPS) to offer remittance disbursement service through its growing branch network, straight through processing to account within bank and other bank. The decision to opt for TPS’ Moneta was based on thorough evaluation and TPS extensive experience in successful deployments across local and international banks.
RPS is a comprehensive solution to facilitate end-to-end processing of home remittances on real-time basis. It seamlessly bridges exchange houses (remitting entities) with the bank. DIB, with TPS switch at the heart of its e-Banking platform, will be able to capitalize on its existing infrastructure to offer convenient and fast home remittance service.
“TPS feels privileged to be associated with DIB as a trusted technology partner for its Remittance disbursement service. We are adamant to working with the bank on further enhancements to offer convenient remittance service.” – Shahzad Shahid, CMO, TPS
“TPS has been fueling our aggressive growth plans for more than 7 years now with several e-banking initiatives successfully planned and implemented. Launch of RPS is an addition to our continued success” – Irfan Malik, Head of I.T Operations, Dubai Islamic Bank
