Raqmiyat helps banks meet new UAE wages rules
Raqmiyat WPS Connect to help UAE finance institutions meet Central Bank Wage Protection System requirements
System integrator Raqmiyat has developed a new solution to help banks and exchanges in the UAE to meet the Central Bank's requirements for wage protection systems.
The Raqmiyat WPS Connect solution will help banks and other financial institutions that wish to operate under the Ministry of Labour's Wage Protection System to comply with all regulations.
The Wages Protection System was mandated by the Ministry of Labour in the UAE, and will require all organisations registered with the Ministry to pay their employee wages through salary transfer via government-approved and regulated financial institutions. The system is intended to ensure workers are paid on time and allow the Ministry to track payments.
Raqymiyat's solution will automate all WPS cycles and generate all the reporting required, and includes a user-friendly web browser-based front end.
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.
Nilesh Sarker, assistant vice president for Banking & Finance at Raqmiyat commented: "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'," he added.
The company says that it has around a dozen institutional customers interested in the solution at present.