UAE Employees to Get Salary Earlier than Usual

DUBAI: Employees in Dubai will have their sAlaries credited to their accounts much quicker with the launch of a new banking facility on April 14.

UAE Funds Transfer System (FTS) will replace the current Swift system and enable faster salary transfer, Gulf News reported on Thursday.

"FTS is a huge step forward with quicker salary transfer being a key benefit for individuals," the daily quoted Rajesh Mohan, Head of Banking and Finance, Unity Infotech, a Dubai-based banking software developer as saying.

FTS, mandated by the UAE Central Bank works as a real-time gross settlement system. It conforms to the International Bank Account Number (IBAN) adopted by the UAE in November 2011, the report said.

The facility is also expected to significantly improve the processing time for electronic payments within the UAE.