You are hereHome CategoriesUAE
Citibank adopts 'WPS Connect' solution from Raqmiyat
Source: BI-ME , Author: BI-ME staff
Posted: Mon November 9, 2009 5:18 pm

UAE. Raqmiyat, a leading UAE-based systems integrator, has announced the implementation of ‘WPS Connect’ for Citibank NA (Citi) in the UAE, which provided a platform for the global banking firm to adhere to regulatory requirements related to the UAE Ministry of Labour and Central Bank-mandated ‘Wages Protection System’ (WPS).

The interface covers all cycles contemplated under the WPS - from funding to payment of wages - and enables the banks’ corporate and retail accounts to participate in WPS.

Raqmiyat has successfully completed the implementation in four weeks, making Citi the first bank to deploy ‘WPS Connect’ and comply with the Ministry of Labour and Central Bank WPS regulations, while giving them the flexibility and scalability to meet customer requirements.

‘WPS Connect’ is a state of the art solution that comes with a browser-based architecture, making it easily deployable and scalable.

The solution also has a role-based system, which provides Citi’s personnel from specific departments’ access only to screens that they need to manage or are relevant to them.

Further, the software allows the bank to use its existing file transfer mechanisms, while providing adequate security to arrest any possible file tampering. Citi’s selection was based on the robust technology and in-depth functionality of ‘WPS Connect’, and Raqmiyat’s strong reputation and extensive experience in the banking, financial services and insurance sector.

“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.

Raqmiyat’s ‘WPS Connect’ is based on the exchange of stipulated file formats and offers added features such as salary reminder reports, automatic file transfer mechanism and database update. It also aids in the generation of key reports and provides an extensive audit trail mechanism. In addition to aiding its compliance to government regulations, ‘WPS Connect’ allows Citi to service employees who constitute their retail customer accounts as well as non-account holders through a prepaid card solution, thus helping the bank to cater to a wider cross-section of customers.

Raqmiyat offers high quality business and technology solutions through partnership with leading international IT companies. Experienced in deploying basic and complex IT solutions, the company has worked with over 42 UAE-based banks during their adoption of the widely successful ICCS solution.

The company also recently opened a state-of-the-art software development centre in Chennai, India to support its growing operations.

 

MIDDLE EAST BUSINESS COMMENT & ANALYSIS

date:Posted: September 1, 2014
UAE. The Middle East's top brands have grown by an average of 38%, according to The Brand Finance Middle East 50; This brings the total value of the top 50 above US$50 billion for the first time; Emirates holds the top spot and remains far ahead of the rest.
date:Posted: September 1, 2014
SAUDI ARABIA. Consumer spending also remained robust; Non-oil exports rebound owing to greater production of petrochemicals and plastics.
date:Posted: September 1, 2014
INTERNATIONAL. Oil markets since 2011 have become less price sensitive to actual supply disruptions, especially to those geopolitical events that have taken place since the Arab Spring.
UAE. The Middle East's top brands have grown by an average of 38%, according to The Brand Finance Middle East 50; This brings the total value of the top 50 above US$50 billion for the first time; Emirates holds the top spot and remains far ahead of the rest.
dhgate