Al Fardan Exchange – UAE, a leading money exchange and remittance house, has successfully gone live with IRIS switch for its integrated salary cards solution. With this implementation, Al Fardan Exchange is providing automated salary disbursement services to large number of employers in UAE and has empowered the end blue collared worker with the facility of electronic money.
TPS’ IRIS – A versatile cards and switching product provides an end-to-end solution for wage payment and online remittances to Al Fardan Exchange, through various delivery channels like POS and ATMs.
As a brief background to this innovative solution, Ministry of Labour mandated that all companies should pay and automate salary disbursement of their employees through registered exchange houses or banks. TPS, being a cards and payment processing solution expert in the region, once again bridged this gap through its innovatory salary card solution for end-to-end automation.
This salary solution is based on TPS’ Switch and Prepaid Card System IRIS and TPS’ Web Portal PRISM product.
It is a corporate payroll solution designed to improve the salary disbursal process, enabling companies and their employees to process and manage salaries efficiently, in compliance with the stipulations of the UAE Ministry of Labour’s Wages Protection System. The innovative product infuses greater reliability to payroll management and has been a huge success in the UAE.
Al Fardan has branded the salary disbursement service for employers’ as “e-money”. Using e-money, the employer registers its employees online with Al Fardan Exchange and to avail payroll services powered by TPS’ PRISM Portal .This online interface improves operational efficiency and enables transparency throughout the process.
To enable salary cards Al Fardan Exchange is running TPS’ Switch and Prepaid Card System (IRIS) to connect POS and issue stored value cards to the employees of the companies. Al Fardan Exchange has deployed more than 70 POS terminals in all its branches and labor camps across UAE to offer salary disbursement.
Leveraging the flexibility of IRIS, Al Fardan plans to maximize the reach of salary disbursement and remittances by enabling extended delivery channels.
Al Fardan is positioned as one the most reliable exchange house in UAE offering remittance to millions of people. TPS’ IRIS has facilitated Al Fardan in uniting Electronic Salary Disbursal and Automated Remittance services through the launch of WPS services.
Till now TPS’ IRIS has processed over a hundred thousand of salary transactions, delivering satisfaction to more than three hundred employers using this service from Al Fardan. As far as numbers speak, Al Fardan’s are screaming; over the last six months the client base of Al Fardan has increased by more than thirty percent and the card base has crossed sixty thousand.
“Al Fardan Exchange has already started its EWPS operations with renowned companies who are having thousands of workers/laborers in UAE and its going pretty well. It is a great privilege for us to help thousands of corporates across the UAE to disburse salaries as per the convenience of their employees, saving on the trouble of withdrawing and handling cash and the additional accounting required for cash transactions.
Employees can now withdraw their salaries and remit at the same time from the POS Terminals installed at our branches and labor camps spread across different locations in UAE” said Mr. Osama Hamza Al Rahma, General Manager, Al Fardan Exchange.