Tameer Bank, one of the leading and most innovative microfinance institutions of Pakistan, selects RPS, the Remittance Processing System. This implementation makes Tameer Bank amongst the first few banks in Pakistan to have a fully automated Home Remittance Processing System. RPS is a one stop solution that will fulfill Tameer banks immediate and future needs for remittance processing and disbursements.
While Pakistan is facing a big challenge in getting remittances through formal channels the banks managed to receive remittances of $8.906 billion through formal channels in FY2010 due to the efforts of the Pakistan Remittance Initiative (PRI). whereas the remittances being transferred thru informal channels is estimated to be around $20 billion. In Pakistan, remittances are amongst the highest and most reliable sources of maintaining and growing foreign exchange reserves of the country, contributing to more than 22% of all the foreign exchange earnings. The need of the hour is to bring the remittances from informal to formal channels and the biggest challenge is doing that is the speed, reliability, cost, access and convenience to the beneficiaries. Transaction processing being the forte of TPS made possible the successful launch of an effective system for banks to capitalize on through a fast and fully automated remittance processing system.
Under its continuing R&D initiatives, TPS is proud to announce the release of its Remittance Processing System. RPS brings with it the rich experience of TPS in the transaction processing business. RPS, like all TPS products is designed to offer the maximum in terms of scalability and reliability. TPS’ business domain knowledge, experience, exposure and well rounded approach promise’s successful implementations.
Tameer Bank with IRIS at the heart of its e-Banking platform is further capitalizing on its existing infrastructure to offer new and innovative home remittance service for its customers using the Remittance Processing System. This system will provide an automated mechanism to facilitate the inflow of Home Remittances from authorized Exchange companies/Banks to Tameer Bank in Pakistan. It uses the existing infrastructure of the financial institution to process, cleanse and transact the remittance payments to the beneficiaries, either directly to their accounts , through Branch counters, M-Wallets, Cardless Withdrawal and Prepaid Remittance Cards. Tameer Bank already offers domestic remittance transfers and now to move a level ahead it will be offering home remittances through easypaisa. This implementation allows Tameer Bank to enjoy a risk free avenue of earning revenue.
