National Bank of Abu Dhabi (NBAD) has launched "Ratibi", the innovative payment solution to meet the needs of corporations and their employees while reducing significantly their processing cost.
The payroll card "Ratibi", is designed to replace the payment of the wages made through Cheques and cash. It is an efficient way for corporations to manage their payroll processing accounts. In addition, it gives employees the flexibility of making cash withdrawals and other banking transactions via worldwide ATMs and it can also be used as a Debit Card for purchases on Points of Sale (POS) machines.
With no minimum balance or annual fees, corporates can simply issue Ratibi cards for all their laborers. Then, all the corporates have to do is execute one single bank transfer on monthly basis and the cards of the employees are loaded with their salaries.
"We are always keen to provide services and products that benefit our customers. We identified a very intriguing opportunity in this new solution, which comes in pursuant to the Ministry of Labor regulation regarding salary payment to employees through bank accounts," said Mr. Saif Al Shehhi, Senior General Manager, NBAD's Domestic Banking Division.
"It also represents a part of NBAD initiatives to provide our customers with more electronic banking solutions as we strive to make banking with us easier" he added.
"Ratibi will provide corporations lower cost of handling money which means less risk and hassle associated with cash; facilitate paying employees at off-site locations; and eliminate printing and distribution of checks and money as well," said Mr. John Malouf, NBAD's Head of Retail Banking Group.
"On the other hand, the workers and employees will enjoy the privilege of immediate funds from ATMs around the clock without opening an account," he added.
He noted that NBAD is well equipped with one of the largest ATM Networks in the UAE which covers both the cities and industrial areas where most of the laborer camps are situated. "This Network of 193 will expand during 2008 to reach over 300. In addition, we will supplement this network with Mobile ATMs to be used during salary disbursement days," he added. (WAM)Technorati Profile
The payroll card "Ratibi", is designed to replace the payment of the wages made through Cheques and cash. It is an efficient way for corporations to manage their payroll processing accounts. In addition, it gives employees the flexibility of making cash withdrawals and other banking transactions via worldwide ATMs and it can also be used as a Debit Card for purchases on Points of Sale (POS) machines.
With no minimum balance or annual fees, corporates can simply issue Ratibi cards for all their laborers. Then, all the corporates have to do is execute one single bank transfer on monthly basis and the cards of the employees are loaded with their salaries.
"We are always keen to provide services and products that benefit our customers. We identified a very intriguing opportunity in this new solution, which comes in pursuant to the Ministry of Labor regulation regarding salary payment to employees through bank accounts," said Mr. Saif Al Shehhi, Senior General Manager, NBAD's Domestic Banking Division.
"It also represents a part of NBAD initiatives to provide our customers with more electronic banking solutions as we strive to make banking with us easier" he added.
"Ratibi will provide corporations lower cost of handling money which means less risk and hassle associated with cash; facilitate paying employees at off-site locations; and eliminate printing and distribution of checks and money as well," said Mr. John Malouf, NBAD's Head of Retail Banking Group.
"On the other hand, the workers and employees will enjoy the privilege of immediate funds from ATMs around the clock without opening an account," he added.
He noted that NBAD is well equipped with one of the largest ATM Networks in the UAE which covers both the cities and industrial areas where most of the laborer camps are situated. "This Network of 193 will expand during 2008 to reach over 300. In addition, we will supplement this network with Mobile ATMs to be used during salary disbursement days," he added. (WAM)Technorati Profile
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