Banks have a large client base which comprises both private individuals, corporate and governmental entities and have to maintain secure and reliable services to all across the board. Payroll processing is one major service banks offer. In recent years pressure has been mounting on private and public sectors around the world to ensure all local and expat workers receive their salaries in full and on time, as per their contracts. This requires banks to not only accurately process salary payments on time but also integrate them within a national Wage Protection System which submits payment instructions online for reporting.
PS-BankPay provides a set of advanced tools and modules to manage the complete cycle of salary and wage processing at the bank. The system expedites the process multifold on various stages including salary case creation, data capture, processing workflow, integration with the core banking system for OnUs transactions as well as interbank payment posting to national payment channels including ACH/WPS. The system provides fully-fledged tracking facilities that keep bank clients aware of the status of their payroll.
PS-BankPay contains multiple features to detect, control, and eliminate data errors from the source. The solution is empowered with functionality that eliminates manual data entry using Adobe PDF 2D barcode publishing and scanning. Manual and double data entry will eventually become obsolete with PS-BankPay.
Being a web-based solution that provides end-to-end payment processing, PS-BankPay can facilitate distributed or centralized processing depending on your bank’s operational strategy. In both cases, banks maintain a view of all transactions which can be extended to Relationship Managers to avoid interrupting operation teams.
PS-BankPay accepts several file and data structures usually submitted by large corporate clients or government entities by managing a template for each client. And, most importantly, it can validate and process national Salary Instruction Files (SIF) designed for Wage Protection Systems, mandated by the Ministry of Labor.
PS-BankPay provides powerful reporting capability, providing more insight on transactions, maximizing efficiency and productivity.
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