Wages Protection Systems - May 2012

KHALEEJ TIMES ADVERTISING SUPPLEMENT

Shielding indispensable assets

VoiceTrust

Simplified disbursements through value packs VoiceTrust is a global provider of voice biometrics and digital payment solutions

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Wages Protection System was put in place to ensure a better framework for salary distribution to the working community Farhana Chowdhury

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he strong workforce in the labour market in the UAE has brought it to where it is now and is an invaluable asset to the country. The distribution of wages is an important aspect that motivates employees to continue giving their best in their respective line of work. With this in mind the Wage Protection System (WPS) was developed by the Central Banks of the UAE and implemented in September 2009 where a standardised transfer system not only protects workers’ rights to receive salaries on time but also ensures that there is no undue deductions, bringing about positive implications on employers.

The concept was introduced in line with the government’s effort to further enhance development and promote modernisation in the country. Backed up by the Ministry of Labour, WPS requires companies to transfer wages electronically through banks, bureaux de change and other financial institutions that have been approved and authorised to provide the service within a period of time. Those that fail to follow the framework may

be subject to fines and other penalties, including not being able to obtain work permits.

The advantages of the system include saving time and effort in wages payment, it enhances productivity and loyalty of the employee, it ensures that companies pay employee wages periodically and avoids having both employees and employers carry large amounts of cash around.

The Global Competitive Report, issued by the World Economic Forum, assesses the competitiveness of each country based on 12 pillars of indicators that represent an important factor. In its 2011 – 2012 publication, there is a list of problematic factors for doing business in the UAE where access to financing and restrictive labour regulations topped the chart, accounting for 22.8 per cent and 13.4 per cent of the chunk, respectively.

Out of 142 countries ranked based on various factors, the UAE was ranked 27th in the overall Global Competitiveness Index this time round, and the report further revealed that in labour market efficiency, the country ranked 14th in cooperation in labour-employer relations and 5th in flexibility of wage determination.

—farhana@khaleejtimes.com

VoiceTrust has simplified salary disbursements by creating a prepaid platform that allows simple transfer of salaries and ease of operation. It is also fully compliant to the UAE’s WPS regulations. The VoiceTrust Visa Prepaid Payroll card offers a one-stop solution for companies seeking a hassle-free, efficient and cost effective salary disbursement solution.

It offers a value pack to corporate customers to profitably tackle payroll for their employees. It issues, markets, delivers, activates and loads the cards as well as serves corporate and end users. VoiceTrust’s solution also offers a full range of back office and help desk services to support card programmes.

VoiceTrust is dedicated to bringing innovative solutions in the digital payments arena directly to benefit the consumer and the VoiceTrust Visa Prepaid card supports organisations and local governments’ ongoing efforts to a cashless society.

VoiceTrust in partnership with Speed Remit Money Transfer has launched a remittance service enabling VoiceTrust cardholders to avail discounted charges on remittance fees when presenting their loyalty cards at 197 Speed Remit agent branches throughout the UAE. Loved ones can collect cash over the counter or receive funds into their bank account in over 65 countries with 60,000-plus agent locations.

VoiceTrust has also launched “Cash Back” for its payroll cor-

Dr Tariq Habib porate customers. Cash Back will be earned on every remittance transaction completed by their employees, therefore helping the companies to reduce their monthly costs on the payroll card.

As a global provider of digital payments and voice biometric solutions, VoiceTrust is dedicated to continuous innovation and development of patented technologies. It leverages its domain expertise and intellectual property in digital payment transaction processing and voice biometrics to deliver highly differentiated real-life solutions.

VoiceTrust is backed by a successful Dutch private equity firm and operates globally with footprints in the Americas, Europe and South Asia, Middle East and Africa.

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Our Branches : * Burdubai * Deira * Karama * Jumeirah * Mercato Mall * JBR-The Walk * Times Square Centre * Al Wasl * Al Aweer * Ibn Battuta * Sharjah * Dubai Airport Terminal 1 (Arr) * Dubai Airport Terminal 2(Dep) Call Email Website Address

04 3588484 info@sharafexchange.com www.sharafexchange.com P.O. Box 29040, Dubai, UNITED Arab Employees

WAGES PROTECTION SYSTEM

KHALEEJ TIMES / ADVERTISING SUPPLEMENT

Sharaf Exchange

Serving customers efficiently Sharaf Exchange takes on the responsibility to ensure people receive their wages without a hassle Latha Krishnan

NBAD

Wired on the go The mobile app from NBAD gives an easy platform to stay in touch with bank transactions and services oneself, where money can be NBAD Mobile App is a menu cashed out from any NBAD driven, user-friendly solution for ATM within 24 hours using a managing and tracking finances pin received through SMS; while customers are on the go. It • Sending money internationoffers customers safe, easy, fast ally to anyone worldwide and complete touch access to the where receivers can cash out Arrow Service, and therefore acthe money from any of the cess to their bank, GEMS credit 233,000 MoneyGram agents card or prepaid card accounts on located in 191 countries several types of smart phones — within 10 minutes; Blackberry, iPhone and Android • Bill payments to Etisalat, enabled devices. utility companies and AmerThe service allows customers ican Community School; and 24/7 access to their accounts donations to Red Crescent through their smart phones from Society and others; any GPRS/3G/Wi-Fi network, • Balance inquiry; anywhere in the world.

• View transactions history.

Through NBAD Mobile App, customers have access to several NBAD Mobile App is not only a features that include: • Sending money instantly to financial application but also an any bank account in India at informative one as within the apa fee of Dh12 only and using plication customers can: • Easily locate NBAD’s ATM NBAD’s competitive exand branches location. change rates; • View NBAD brochures that • Money transfers domestiare featured within NBAD cally to another person, or to

Mobile App, which allows for cross selling of NBAD’s products and services.

• Utilise the feedback/query e-mail that is built in the application and is assigned to a dedicated team in NBAD to directly get in touch and interact with the bank 24/7.

Additionally, customers will not need to memorise SMS syntaxes as required in conventional SMS banking solution, the NBAD mobile App is a user-friendly, secure solution, for managing and tracking bank accounts or prepaid card accounts.

What’s more?

• Anyone holding a compatible mobile device can download and access the application; downloading NBAD Mobile App is simple.

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Through Arrow, all with a simple SMS message customer can: Send money instantly to any bank account in India at a fee of Dh12 only and using NBAD’s competitive exchange rates.

Send international remittances through MoneyGram to their loved ones 24 hour — 7 days a week, where the receiver can cash out in over 233,000 locations, spread in 191 countries within 10 minutes from receiving a reference number provided by MG. Rates applied are competitive to exchange house prices.

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NBAD Account holders, GEMS Credit Card holders and Prepaid Card holders; including Ratibi For more information please visit: https://arrows.nbad.com card holders.

“Almost all our WPS customers are Asians, who are the main bread earners for their families in their home countries. We make sure that these men get their salaries on time and can make their valuable remittances hassle-free.

So we are serving not just one employee but rather his whole family,” says Gopal Sharma, CEO of Sharaf Exchange in Dubai, which has exchange bureaus at 13 locations in Dubai and Sharjah, including three at Dubai International Airport.

As most of the Sharaf branches are located at high footfall areas such as malls and high streets, workers can conveniently withdraw their salaries from the branch or ATM machines with the Sharaf close-loop card. Sharaf personnel also visit employee accommodations to disburse salaries as mutually scheduled between the company and the employer.

Sharaf has branded its WPS services “Paycheck” and considers it the most important product in its portfolio, which also includes money changing and remittances.

Perceiving the importance of Paycheck to their customers, Sharaf has a team of employees dedicated to their service.

“This team ensures that disbursal of salaries is prompt and customers get enough time to avail of

Gopal Sharma their service. At our branches we make the experience comfortable for them by having people who speak the language of the customer to answer their queries. This efficiency has resulted in our serving a large number of Paycheck customers,” explains Sharma.

With the increase in customers, Sharaf is all set to increase the number of branches and serve more areas in all the seven emirates. The company is also adding more people to the WPS team and introducing a new open loop card, which will allow customers to use any ATM to withdraw their salaries.

“We appreciate and understand the UAE government’s emphasis on WPS and are honoured to be part of such a successful system that has become a model for other countries,” says Sharma.

MARKETING TEAM: Krishna Prasad (standing left), Varun Salwan and Soumyojit Khan. Shane Thurgood, (seated left), Zainuddin Amravatiwala and Suresh Kumar