Dubai Islamic Bank (DIB), in collaboration with TPS has launched a new remittance disbursement service for end-to-end real-time processing of home remittances.
The new DIB’s Remittance Processing Solution (RPS) will allow customers to send money including processing to accounts within bank and other bank, using its widespread network of more than 100 branches in 36 cities.
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The solution has been designed to connect the exchange houses (remitting entities) with the bank.
The bank said that leveraging TPS’ switch with its e-Banking platform will allow it to take advantage of its existing infrastructure to provide convenient and fast home remittance service.
Dubai Islamic Bank IT operations head Irfan Malik said, "TPS has been fueling our aggressive growth plans for more than 7 years now with several e-banking initiatives successfully planned and implemented."
TPS CMO Shahzad Shahid commented that TPS will work with the bank on further enhancements to offer convenient remittance service.
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By GlobalDataMost recently, DIB announced free remittance services for its customers transferring funds to Pakistan, which will be processed within one working day.
According to World Bank, nearly $401bn annual worker remittances were sent to developing countries in 2012.
