Lari Exchange, the leading UAE exchange, has launched an advanced payroll solution compliant with the Wages Protection System ‘WPS’, which was introduced recently by the Ministry of Labour and the Central Bank of UAE.

Larex is an integrated solution developed to enable private sector companies modernise their payroll systems by issuing a special salary card to their staff and workers, and to cut costs, time and resources of preparing payrolls and paying wages by cash or cheques.

The new solution meets international connectivity standards with global bank networks, and applies state-of-the-art card issuing technologies backed by advanced processing, reporting and accounting systems.

By implementing Larex, companies will be able to comply with the national payroll regulations required by the Ministry of Labour and the Central Bank of the United Arab Emirates.

Larex will allow companies to follow the new WPS, issue automated reports about their wage lists to the Ministry, and to synchronise their payroll databases with the Ministry’s central database.

With Larex, companies will also have greater control over their balance sheet and more efficient management of cash flow.

“Lari Exchange has been a leader in providing exchange and financial services in the UAE for 40 years. Through Larex, we will be the first exchange company in the UAE to introduce a network of ATMs and Points of Sale ‘POS’ throughout the UAE,” stated Abbas Darwish Lari, founder and president, Lari Exchange.

“Larex is another service from Lari Exchange to serve the ‘unbanked’ labourers, and to help them preserve their financial rights.”

Labourers equipped with Larex will have easy access to their wages by using Lari Exchange’s ATM’s available throughout Labour Villages and accommodation complexes.

‘Unbanked’ labourers will also be able to easily make purchases and transactions, and manage their savings in an efficient and secure way.

Lari Exchange has prepared a comprehensive educational programme to introduce Larex to the labourers and to explain the benefits they will gain from using this solution.-TradeArabia News Service