Al Fardan Exchange, one of the UAE's leading money exchange and remittance house announced its selection of the e-money solution to provide wage payment and remittance service to companies and employees.
This is part of the continuous expansion plan of Al Fardan Exchange to provide state-of-art solutions to enhance the current salary payouts as well as remittances.
Al Fardan Exchange signed a deal with TPS - one of the leading companies and fastest growing e-payment and e-banking solution provider in the GCC. TPS will provide complete solution for wage payment and online remittances to Al Fardan Exchange.
Using e-money, the companies (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 and Wage Protection System, 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.
ATM machines would be also be deployed as part of the solution to various sites wherever needed 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 the 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.