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

(CPI Financial Via Acquire Media NewsEdge) 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 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," said Nilesh Sarker, Assistant Vice President - Banking & Finance, Raqmiyat. "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'." '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.

(c) 2009 CPI Financial. All rights reserved. Provided by Syndigate.info an Albawaba.com company

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