While Pakistan is facing a big challenge in getting remittances through formal channels, the banks managed to receive remittances of $8.906 billion through formal channels in FY2010 due to the efforts of the Pakistan Remittance Initiative (PRI).
Remittances being transferred through informal channels are estimated to be around $20 billion. In Pakistan, home remittances is amongst the highest and most reliable source of maintaining and growing foreign exchange reserves of the country, contributing to more than 22% of all the foreign exchange earnings. The need of the hour is to bring the remittances from informal to formal channels and the biggest challenge in achieving that is the speed, reliability, cost, access to formal channels and convenience to the beneficiaries.
Under its continuing R&D initiatives, TPS is proud to announce the release of its Remittance Processing System. RPS brings with it the rich experience of TPS in the transaction processing business. RPS, like all TPS products is designed to offer the maximum in terms of scalability and reliability. TPS’ business domain knowledge, experience, exposure and well rounded approach promises successful implementations.
RPS is a remittance hub connecting the sending entities to the bank for processing and disbursement. Sending entity can be an exchange house, a bank or another remittance hub. Tameer Bank with IRIS at the heart of its e-Banking platform is capitalizing on its existing infrastructure and EasyPaisa network to offer new and innovative home remittance service for its customers using the Remittance Processing System. This system will provide an automated mechanism to facilitate the inflow of Home Remittances from authorized Exchange companies/Banks to Tameer Bank in Pakistan. It uses the existing infrastructure of the financial institution to process, cleanse and transact the remittance payments to the beneficiaries, either directly to their accounts , through Branch counters, M-Wallets, EasyPaisa outlets, Cardless Withdrawal from ATMs and Prepaid Remittance Cards. Tameer Bank already offers domestic remittance transfers and now to move a level ahead it will be offering home remittances through EasyPaisa platform. This implementation allows Tameer Bank to enjoy a risk free avenue of earning revenue.
“The relationship between Tameer Bank and TPS spans over half a decade and we found TPS not only accepting the challenge of innovation at Tameer, but took it another level of precision and nimbleness. TPS is our core and strategic vendor and we are proud to have TPS on our side as we launch our Home remittance business using, Remittance Processing System. TPS staff and project managers are well versed in the payment technology arena and understand global standards and I am confident that their current offering will set standards for the Remittance Business not only locally but globally." Ali Abbas Sikander, Group Executive Director, Tameer Bank
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