ProgressSoft’s Wage Protection System, PS-WPS, is a complete end-to-end solution for the tracking and reporting of salary transfers through the monthly payrolls that are submitted by banks. It automatically verifies paid salaries and builds an online reporting framework between the banks, central bank, Ministry of Labor and the employers themselves. The solution also enables a transparent reporting mechanism between all parties, which prevents any delay or extra follow up burden carried by the banks should there be any mistakenly reported record.
PS-WPS can be implemented at the central bank as a comprehensive and fully integrated solution for collecting, storing and providing information about the payments of employee wages conducted via traditional bank transfers that occur through existing online integrated channels within the ACH and back-office banking systems.
- Extracts the data related to wages by recognizing the salary payments conducted by banks internally to be sent through the Automated Clearing House (ACH) system.
- Provides a set of functions that facilitate the wage auditing process to be systematic and automated.
- Provides the facility for sending the technical validation status to banks via the Salary Information File (SIF).
- Provides an online reporting tool that gives the Ministry of Labor access to salary information and salary transaction information.
- Collects and stores the SIFs as well as the statuses of OnUs and the bank’s external SIF payment transactions; PS-WPS is referred to as the fundamental source for the most up-to-date information.
PS-WPS provides sufficient, near real-time access to information as well as monitoring and control capabilities to the central bank and the Ministry of Labor to take action to protect the rights of employees. It also relieves the banking body from the monthly burden of salary processing, monitoring and reporting to the Ministry of Labor and assists governments in preventing the creation of false employment records in the private sector.
In addition, PS-WPS enables all salaries and wages to be paid through electronic bank transfers instead of cash, and in turn, they will be guaranteed to take place on time and without any delays. It improves the welfare of employees and ensures that their rights are protected.