Qatar Islamic Bank (QIB) has introduced an online automated solution for the Wages Protection System (WPS) to bring further convenience and enhance banking experience for its corporate and small- and medium-sized enterprise (SME) clients.
The new WPS portal has been added to QIB’s online platform to ease the monthly salaries process, which was a result of the increased demand from corporate clients for QIB’s expertise in helping them manage their finances.
QIB general manager of Wholesale Banking Group Tarek Fawzi said, “With QIB’s move towards the digital era, the WPS Online Portal marks a new milestone in QIB’s ongoing commitment to enhance the customer experience.
The new incorporated system enables QIB to better serve its corporate and SME customers in a timely manner as the submitted salary files are processed instantly.”
QIB encourages all its corporate and SME customers who are enrolled in the WPS to register in the new online WPS system, as it eliminates the need for clients to visit QIB service centre and will be available to clients 24/7. Clients can register to this service for free by filling out the application form found on QIB website or Fanar service centre and identify the key users and their respective responsibilities.
Customers can submit their application and familiarise themselves with the WPS online system by visiting Fanar service centre during its extended working hours: Sunday to Thursday from 7.30am to 1pm; Sunday to Wednesday from 5pm to 7.30pm (open between the 25th of each month until the 10th of next month); and Saturday from 9am to 12 noon. Once the application is completed and signed by all authorised signatories, a username and one-time password will be auto generated and sent by SMS to the designated users. The WPS online portal was soft launched a couple of months ago, and is now being used by over 600 companies processing over 6,000 salaries per month in a secured, fast, and instant manner from the comfort of their desks.
QIB’s WPS new online portal is multi-users friendly, where as one user can prepare the WPS Salary Information File (SIF) and another user can approve the file and process it online. In addition, once all the information has been inputted, the WPS system will validate the information and notify the employer if any errors are found before the file is processed to ensure accuracy of the file. WPS is an electronic salary transfer system that allows institutions to pay workers’ wages via banks.
The system had been initiated by Qatar Central Bank and enables the Ministry of Labour to create a database that records wage payments in private sector to guarantee timely and full payment of contract agreed wages. The WPS covers all institutions registered in the Ministry of Labour without regards of their expertise sector.
For further information and to download the WPS online registration form, visit www.qib.com.qa
QIB encourages all its corporate and SME customers who are enrolled in the WPS to register in the new online WPS system, as it eliminates the need for clients to visit QIB service centre and will be available to clients 24/7.
