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Raqmiyat to help UAE-based banks and exchange houses abide by ‘Wages Protection System’ requirements

United Arab Emirates: Tuesday, September 01 - 2009 @ 12:35

The company’s new software complies with the latest Central Bank ‘Process Document’, and has been designed to automate all WPS cycles and help streamline the timely payment of wages.

Raqmiyat has already met with more than 30 banks and exchange houses, who are interested in the WPS solution, 12 of whom are seriously considering the acquisition of the software for their respective organisations.

‘Raqmiyat WPS Connect’ provides an interface for banks and exchange houses to connect to the Central Bank’s WPS system based on stipulated file formats. It also boasts of excellent flexibility as it allows banks to use their existing file transfer mechanisms (with their corporate customers), while providing adequate security elements to arrest any possible file tampering.

In cases where hand-off files for upload are created by agents to their banking system, the solution also provides seamless integration to any system that the ‘agent’ may use.

“As we continue to advocate the adoption of technology to streamline processes within regional businesses and organisations and especially government departments, we have developed this new solution for banks and exchange houses in the UAE. In addition to addressing issues of compliance, the solution also paves the way for more convenient and secure wage system, which benefits the employers, the Central Bank, and most importantly, the employees. At present, the product has met encouraging response from several banks and exchange houses, who have expressed their optimism regarding the potential of ‘Raqmiyat WPS Connect’,”

said Nilesh Sarker, Assistant Vice President – Banking & Finance, Raqmiyat.

‘Raqmiyat – WPS Connect’ is a user-friendly application with a browser-based front end that generates all required reports, and offers a host of other benefits, including reduced manual intervention, mitigation of risks of errors and enhanced overall productivity.

The solution is offered in two modules – the ‘bank module’, wherein the bank acts as a bank of employer, and the ‘agent module’ wherein the bank or exchange house acts as a disbursement agent – and comes with unique automatic features such as file transfer utility, database update utility and pre-processor utility, upload and download of all files in various formats, processing of acknowledgments received from Central Bank, and conversion of salary files sent from the employer to the bank.

“We have a history of implementing strategic solutions with leading banks in the UAE. Our strategy is to capitalise on our excellent relationships and introduce leading banks in the UAE with this new solution and the benefits they will enjoy, which included full compliance to Central Bank’s WPS regulations. We regard the banking sector as one of our key markets, we are committed to developing further technology-driven solutions that will simplify and modernise this dynamic sector,” concluded Sarker.

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Tuesday, September 1- 2009 @ 12:35 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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