Lari Exchange Introduces 'Larex' Payroll Solution to Help Companies Meet Requirements of 'Wages Protection System'

Abu Dhabi, UAE, 02 June, 2009 - Lari Exchange, the UAE leading exchange and financial services company, has launched Larex, an advanced payroll solution compliant with the Wages Protection System 'WPS', which has been introduced recently by the Ministry of Labour and the Central Bank of the United Arab Emirates.

Larex is an integrated solution developed to enable private sector companies modernize their payroll systems by issuing a special salary card to their staff and workers, and to cut costs, time and resources of preparing payrolls and paying wages by cash or cheques. The new solution meets international connectivity standards to with global bank networks, and applies state-of-the-art card issuing technologies backed by advanced processing, reporting and accounting systems.

By implementing Larex, companies are now able to comply with the national payroll regulations required by the Ministry of Labour and the Central Bank of the United Arab Emirates. Larex will allow companies to follow the new WPS, issue automated reports about their wage lists to the Ministry, and to synchronize their payroll databases with the Ministry's central database. Thanks to Larex, companies will also have greater control over their balance sheet and more efficient management of cash flow.

Mr. Abbas Darwish Lari, Founder and President, Lari Exchange said: "Lari Exchange has been a leader in providing exchange and financial services in the UAE for 40 years. Launching Larex today is yet another important milestone in our series of success. Through Larex, we will be the first exchange company in the UAE to introduce a network of ATM's and Points of Sale 'POS' throughout the UAE."

Mr. Lari added: "The new solution provides companies with a comprehensive, easy to use, and cost efficient payroll system that is completely compliant with the requirements of WPS and the payroll regulations of the Ministry of Labour and the Central Bank of the UAE. Larex is another service from Lari Exchange to serve the 'Unbanked' labourers, and to help them preserve their financial rights. We look forward to more success, and to link Larex to banks and to the network of the Central Bank of the UAE."

Labourers equipped with Larex will have easy access to their wages by using Lari Exchange's ATM's available throughout Labour Villages and accommodation complexes. 'Unbanked' labourers will also be able to easily make purchases and transactions, and manage their savings in an efficient and secure way. Lari Exchange has prepared a comprehensive educational programme to introduce Larex to the labourers and to explain the benefits they will gain from using this solution, especially in preserving their financial rights and managing their funds.

Larex is the first payroll systems providers to be approved and authorized by the Central Banks of the UAE to be part of WPS. Companies using Larex will guarantee complete compliance with WPS as Larex automatically sends notifications about their wages lists to WPS and to the Ministry of Labour's database.

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About Lari Exchange:
Lari Exchange is to be one of the oldest exchange houses in the United Arab Emirates. Founded in 1969 by Mr Abbas Darwish Lari, an Emirati business pioneer, the company has grown to its present strength of 14 branches covering the UAE and GCC. As a national company, Lari Exchange operates up-to-date information systems to provide secure and reliable exchange and remittance services. We have an enviable network of 80 correspondent banks around the world, comprising 35 countries enabling us to deliver instant and affordable remittance services to our customers everywhere. For more information on Lari Exchange please visit: http://www.lariexchange.com  

For further information on Lari Exchange:
Hamdi Derkawi
Account Manager
GolinHarris
T: +971.4.332.3308
E: hderkawi@golinharris.com

© Press Release 2009