The wage payment solution is compliant with the wages protection system (WPS), a payroll regulation required by the UAE Ministry of Labour and Central Bank. In addition to facilitating compliance with the WPS, the solution also issues automated reports about companies’ wage lists to the ministry and synchronizes their payroll databases with the ministry’s central database.
Designed towards serving unbanked labourers, the payroll card provides access to salaries across all 88 Al Ansari Exchange branches free of charge with the added facility to disburse salaries at various work sites and camps for the employees’ convenience.
The card helps in reduction of the paper work and documentation procedures for payroll enrolling, better account reconciliation, complete automation for back-end procedures, reports and routine operations. It can also be used through POS machines. The POS system will authenticate the customer, provide account balance and offer withdrawal option with the agent handing the cash and remittance transaction for sending money to linked remit accounts.
Mohammad Al Ansari, managing director of Al Ansari Exchange, said: “There are over 2 million blue collared employees in the UAE, and our goal is to help a significant percentage of this segment preserve their financial rights through a technology-driven system that ensures prompt and accurate delivery of salaries with greater flexibility.
“In addition to salary disbursement, we have also fashioned this hassle-free and zero error solution to serve as an automated remittance facility for employees through the Al Ansari Exchange network to anywhere in the globe.”
