Citibank meets WPS requirements with Raqmiyat solution
Citibank rolls out Raqmiyat's WPS Connect to meet UAE Ministry of Labour and Central Bank wage payment regulations
Citibank N.A. has become the first bank in the UAE to meet the requirements of the Ministry of Labour and Central Bank's Wages Protection System (WPS), after deploying a new solution from systems integrator Raqmiyat.
The bank has rolled out Raqmiyat's WPS Connect system, which manages all aspects of the wages payment cycle, allowing the bank to offer WPS compliance services to corporate and retail accounts.
The WPS has been implemented to govern the transfer of salaries through authorised financial institutions, under government regulation, to improve transparency and control of the process and safeguard worker's pay.
"For this implementation, our top priorities were to address Citi's compliance requirements and help them address the demand from their corporate clients to implement the solution at the earliest. The inclusion of Citi, with their strong global footprint, to the list of regional and international financial firms who have adopted our solution stands as a testament to the credibility of ‘WPS Connect' and our expertise as an innovative and proactive systems integrator," said Nilesh Sarker, Vice President - Banking and Finance, Raqmiyat.
The WPS Connect solution was deployed in four weeks, and provides role-based access to bank staff, so that they only have access to the parts of the process that relate to their role. The system uses a browser-based mechanism, and is able operate on top of existing file transfer mechanisms, making it quicker to roll out.