IMX Software announces a new nationwide UK managed services deal with Thomas Cook

IMX Software announces a new nationwide UK managed services deal with Thomas Cook for the new generation GTS-Retail point-of-sale system for travel money, pre-paid cards and money transfers.

IMX Software announced today that it has fully implemented a GTS-Retail point-of-sale managed service across nearly 800 Thomas Cook stores following an intensive six-month project to replace a legacy solution prior to the summer peak trading period.

The primary benefits Thomas Cook expects to obtain from the IMX solution are enhanced transaction performance, lower operating costs, simpler regulatory compliance and greater change management agility. The system will help the company meet the increasingly complex requirements of know your customer (KYC) and anti-money laundering (AML) laws and regulations.

In late 2015 IMX won the competitive tender for the replacement of Thomas Cook’s legacy point-of-sale and back office administration system used to sell high volumes of foreign currency, pre-paid travel money cards and money remittance services across the UK. GTS-Retail’s close integration with MasterCard processes significantly improves the customer experience through faster transactions, and gives Thomas Cook an enhanced Multi-Currency Cash Passport product offering.

The software-as-a-service contract was awarded to IMX due to the superior modernity, scalability and flexibility of its new GTS-Retail system, which will be delivered as a managed service from an exclusive, high-specification UK hosting environment. The tender process took place during 2015 with all vendors asked to prove their capability around product performance, remittance integration, efficient trading workflow, systems integration flexibility, availability of self-help reporting services, project delivery and service quality.

Thomas Cook also placed significant emphasis on the longevity of the product, taking the view that the technology foundations needed to be relevant for the next decade. IMX’s recent five-year product investment programme placed GTS-Retail significantly ahead of the competition in this strategic category.

Other advantages of the IMX GTS-Retail solution include its ease of use – which simplifies end-user training and change management; its robust, self-configurable reporting tools; and its revenue generating functions such as product upsell and buy-back guarantee.

Integration of the platform with global sanctions lists (such as those from OFAC, Bank of England, EU and the UN) simplifies transaction-level KYC checks, while the ability to upload scanned documents into client KYC profiles drastically reduces transaction times for repeat customers.

IMX Software’s GTS streamlines remittance transactions for MoneyGram agents

IMX Software has integrated its Global Trading System (GTS) with the MoneyGram platform and is now live with a high profile international travel money operator. The integration will enable any forex retailer with a MoneyGram agency to process remittances more efficiently and with fewer errors.

GTS-Retail is a new-generation trading and inventory management solution for banks and money service operators delivering travel money, remittance and prepaid card services to consumers. It helps them to gain visibility into their businesses, streamline processes, meet increasing compliance obligations and enhance customer service. Using GTS, forex bureaus can reduce the time needed to process a remittance by 66% or more, when combined with a forex sale, delivering a significant increase in productivity and customer satisfaction.

The integration of GTS with another leading remittance provider means that forex retailers will be able to process MoneyGram remittances using the same platform they use for all other sales transactions. Tellers won’t need to learn a new user interface for remittances or log into a separate system, saving time by significantly reducing re-keying of data.

In addition, they will no longer need to re-capture data about remittance transactions and customers in their point of sale system, saving time and reducing manual errors. In certain jurisdictions, such as South Africa, straight through processing from a single source system is a regulatory requirement and is fully supported today by GTS-Retail.

The enhancement to IMX’s GTS-Retail point-of-sale system allows the forex bureau to capture details of senders and their beneficiaries to save more time when processing transactions for repeat customers. GTS also provides a full back-office reporting capability for all remittance transactions to streamline and automate compliance processes.

GTS-Retail will support the following MoneyGram transaction types:

  • Send (cash to cash or cash to account)
  • Receive
  • Amends
  • Refunds

Says Marijan Miocic, Product Director at IMX Software: “Our clients are experiencing strong demand from customers who want secure and affordable ways to send & receive money across borders and make global payments. Due to globalisation remittances are expected to amount to more than $601 billion in 2016, according to World Bank forecasts. Our aim with the MoneyGram integration is to make it simpler and more efficient for our clients to process and report remittances.”

ACE-FX selects GTS Retail for continuous trading using Branch Continuity Mode

Ace FX, a long established bureau business based in London Bridge and Canary Wharf, renown for competitive pricing and excellent service, has implemented IMX Software’s GTS-Retail currency point of sale system including managed branch servers to replace a legacy on-line only solution. Ace selected the Software-as-a-Service (SaaS) version of GTS Retail including Branch Continuity Mode (BCM) which allows all orders to be processed through the system even if connectivity is lost.

Loss of connectivity remains an issue for many bureaus, completing deals using manual receipts causes considerable delays to the customers and increases security risks for the business owner. GTS with the unique ability to switch automatically from online to offline and back again, completely devolves these risks and keeps the customer experience high.

IMX Software’s SaaS-based solution combined with BCM significantly boosts transaction performance whilst lowering operating costs and complying with central bank, know your customer (KYC) and anti-money laundering (AML) laws and regulations. The solution will enable ACE to store client information electronically, enabling repeat large transaction customers to be fulfilled instantly without having to copy any additional documents.

James Colvin, Bureau Director at ACE FX: “Loss of connectivity with our previous system meant we could not trade, that issue is now behind us. Similarly boxes of confidential data that had to be securely stored are now held electronically.”

“GTS was rapidly accepted by the bureau staff as the interface must be the easiest to use on the market. IMX have worked hard to deliver reports and additional services and our long-term plan is to integrate all our other services, prepaid cards, reserve and collect, international payments and remittances all within GTS.”

ACE now has a centralised view of its stock and cash position across all branches which they will eventually deploy using GTS Analytics, allowing key managers to see important metrics in real-time delivered on any Apple or Android device. ACE in combination with their wholesale supplier are looking to further automate the branch ordering process.

Says Bill Tickner, CEO of IMX Software: “We are delighted to sign ACE FX to IMX’s SaaS-based version of GTS-Retail with BCM. The solution was designed specifically for high volume bureaus that could not afford any downtime and ACE fall exactly in that category. ”

IMX Software delivers United Nations goAML compliant reporting to South African client base

IMX Software rolled-out goAML reporting to its South African client base ahead of the April deadline set by the Financial Intelligence Centre (FIC). South Africa is one of the first markets to mandate the new standard for AML reporting.

This new capability for IMX’s travel money, remittance and prepaid card point-of-sale (PoS) platform will allow money service retailers operating in and across international markets to easily comply with evolving AML reporting directives from financial intelligence authorities around the world under a new UN directive.

goAML support enables IMX PoS customers to comply with new requirements for cash threshold reporting (CTR) and suspicious transaction reporting (STR), that came into effect on 25 April 2016. It will also support the FIC requirement to report all electronic money transfers which will come into effect later in the year. The solution applies the new reporting rules to the IMX PoS system and automates the submission of reports to the FIC’s national goAML system.

goAML background

goAML is a new global AML reporting standard adopted by the United Nations Office on Drugs and Crime (UNODC) that regulators around the world will increasingly implement to combat terrorist financing and money laundering by organised crime. goAML is an integrated database and intelligent analysis framework intended for use by financial intelligence units worldwide, allowing them to share standardised information, improve financial crime detection and increase prosecution success rates.

UNODC is mandated to assist UN Member States in their struggle against illicit drugs, crime and terrorism. Financial intelligence units play a leading role in any anti-money laundering regime as they are generally responsible for receiving, processing and analysing reports made by financial institutions or other entities according to the requirements of domestic anti-money laundering laws and regulations.

IMX Software signs up two new clients in Namibia

IMX Software has announced the completion of contracts with two new Namibian clients for its regulatory-compliant retail point-of-sale system for currency trading.

Both clients are located in Oshikango, the fast developing and vibrant town in the northern Ohangwena region of Namibia at the border with Angola.

Cambia Express and Cambio Seguro join seven existing IMX clients in Namibia who have deployed its compliant trading solution which supports the front and back-office processes associated with currency trading and the automated regulatory reporting to the Bank of Namibia. IMX provides tools for money service businesses to manage and automate essential know-your-customer (KYC) and anti-money laundering (AML) procedures, as demanded by the licences issued by the central bank.

Cambia Express is a newly-established bureau de change in Namibia and has implemented TMX-Online from IMX Software to automate its trading, stock management and administration operations. Cambia Express is part of International Commercial, an export-oriented importer and wholesaler.

Cambio Seguro Foreign Exchange, a bureau de change operator in Oshikango, Namibia, has implemented TMX-Online software to support trading operations and ensure compliance with the strict regulatory reporting requirements in the country. Cambio Seguro is part of Nani Import & Export.

Travel Money Group launches bureau operations in the USA with GTS-Retail

Fast expanding foreign exchange retailer, Travel Money Group, has implemented the GTS–Retail solution from IMX Software in New York to support the launch of its US business.

IMX Software announced today that it has delivered the GTS-Retail point of sale solution to Travel Money Group (TMG) in order to support the launch of US operations in New York in its two new Manhattan stores. IMX has been working with TMG over the past few months to adapt the solution for the US regulatory environment as it expands its operations outside of Australia and New Zealand.

Travel Money Group is one of the fastest growing businesses within Flight Centre Travel Group, an Australian-based company that is publicly traded on the Australian Stock Exchange and operates more than 12 brands in the USA under the FC USA Inc. umbrella, including Liberty Travel and GOGO Vacations.

The debut of two Manhattan locations adds to the hugely successful network of over 150 stores across Australia and New Zealand. In the current fiscal year the business is on track to deliver $1 billion (AUD) in gross sales while serving over 1.1 million customers annually in Australia alone and seeing 70% growth in New Zealand year over year. In just 18 months, Travel Money Oz has more than doubled its footprint with the addition of 78 stores.

In parallel to the USA delivery, IMX is supporting the migration of the existing branch estate in Australia and New Zealand to GTS-Retail. The migration is targeted to complete in 2016.

Among the benefits TMG expects to achieve from the solution are enhanced transaction performance through the provision of a common sales platform for cash, remittances and pre-paid cards; lower operating costs; simpler regulatory compliance and improved business agility. The system will help the company meet the requirements of increasingly complex know your customer (KYC), anti-money laundering (AML) laws and central bank regulations in the countries where it operates.

Other advantages of the IMX GTS-Retail solution include its ease of use – which simplifies end-user training and change management; its robust reporting tools; its revenue generating functions such as product upsell and buy-back guarantee; and integration to GTS-Analytics for real-time visual tracking of teller, branch, city, regional or global trading performance.

Integration of the platform with global sanctions lists (such as those from OFAC, Bank of England, Austrac and the UN) simplifies transaction-level KYC checks, while the ability to upload scanned documents into client KYC profiles drastically reduces transaction times for repeat customers.

GTS empowers bureau de change operators to take advantage of rising demand for prepaid cards

Global Trading System (GTS) from IMX Software – the global leader in currency trading and travel money technology – empowers bureau de change operators to seamlessly manage prepaid travel cards in the same system they use for foreign currency trading.

The GTS platform allows bureau de change operators to automate the entire process of trading prepaid cards, from managing inventory and processing customer payments to issuing them at the point of sale or via online channels. It supports multi and single currency prepaid cards across multiple card programmes and global issuers such as Visa and MasterCard. A number of current IMX customers in the UK, Australia, South Africa and Europe are already using GTS to manage the prepaid card lifecycle.

Says Mars Miocic, Product Director at IMX Software: “As a convenient, low-cost and secure way for people to travel with foreign exchange, prepaid cards are one of the fastest-growing product lines for travel money providers. Prepaid cards are enjoying significant growth because they protect customers from exchange rate volatility by locking in best value rates, provide good security in the event of card loss and help them avoid overspending.

“We have developed GTS Retail to offer a flexible, fully automated, end-to-end solution for travel money providers who want to offer customers instant issue or personalised prepaid cards. Our modern, easy-to-use, multi-language point of sale system makes it simple for our clients to serve their customers quickly with prepaid products and services such as reloads, cash-outs and balance enquiries, while efficiently managing their regulatory and compliance needs.”

GTS offers centralised administration and reporting features that provide a clear view of performance and our highly flexible, parameter driven solution ensures trading, AML, KYC, local forex regulations, and other business-specific rules are enforced. With the addition of GTS Analytics, travel money providers can analyse customer trends, turnover and profitability through customised dashboards delivered via web or mobile devices.

New IMX stress testing automation solution goes live at major US bank

IMX Software announces that its new StressrepTM stress testing automation solution has now been deployed to support the creation of Comprehensive Capital Analysis and Review (CCAR) and Dodds-Frank Act Stress Test (DFAST) Reporting submissions for one of the top 3 largest US banks.

This Federal Reserve Bank (FRB) regulatory reporting is now mandatory for banks with assets exceeding US$50 billion dollars.

Built in conjunction with Holley Holland, business transformation experts with extensive experience of process improvement, process automation and regulatory change, the new StressrepTM toolset supports banks with their annual stress testing submissions to the FRB, optimising processes through automation that embeds stress reporting controls and workflows to improve productivity during short reporting windows.

StressrepTM has the advantage of being able to interface with a bank’s operating environment and provides all the functionality needed to submit the FRB Stress Testing FRY XML submissions in a compliant yet cost-effective manner. It supports XML file creation for FRY 14-A submissions and will also soon support the FRY 14-Q and FRY 14-M submissions. Additional functionality is also being added to support the OCC submission which has recently been mandated to be in XML.

“Banks need to collect, validate and proof stress data on a regular basis. This is a complex and high risk function for these banks“, explains Steven Whaley, Stress Testing Reporting lead at Holley Holland. “We developed StressrepTM in conjunction with IMX Software to take stress out of preparing FRB Stress Testing reports, thereby allowing bank executives to focus on analysing the outputs, not collating the data. In addition, with international regulators implementing stress testing regulations in their jurisdictions, we are expanding our tool to support our clients globally”.

Some core StressrepTM services offered on a managed service basis include the analysis and incorporation of the latest FRB’s instructions or amendments as well as the creation of the revised templates. Banks can therefore decide to continue working within their excel environment and upload their key information into StressrepTM or it can be mapped to banks’ source systems to increase automation.

A Windows client application from an enterprise grade Microsoft-certified Gold Developer, StressrepTM is easily installed and accessible via the business desktop. Once launched, the application will communicate with the StressrepTM cloud server for user authentication and capture the latest relevant FRB templates. Sensitive stress test data never leaves the bank’s network and is securely stored either on the local drive or a network drive.

IMX Software expands London head office

Fintech developer takes new office space in London tech innovation centre to support growth plans

Financial services software developer IMX Software (IMX) has announced its relocation to new and larger offices in the Kennington Park area, positioning it conveniently near to London’s financial district and several key clients.

Located close to the famous Oval cricket ground, the new offices will double IMX’s UK office space and position it for growth over the next few years on the back of the 2014 management buyout and investment from financial services consulting partner Holley Holland Ltd.

IMX has increased the size of its UK delivery and support operations following the award of several significant multi-year UK and European software-as-a-service (SaaS) contracts over the past 12 months. It has also increased development and support capacity in Australia and South Africa to support new local projects as well as boost its global infrastructure.

The new London headquarters is situated at Kennington Park Business Centre which contains 11 buildings that date from 1924. Formerly home to the London General Cab Co, this historic building was base to London’s first fleet of 1500 motor-driven taxis. The creation of the original ‘taximeter’ to measure distance and automatically calculate fares is attributed to this first innovative occupant of the site.

Over 90 years later the focus is still on service and innovation and, in addition to its historical character, IMX’s new location provides the modern amenities required by over 160 unique, fast-growing technology and services businesses.

The IMX team look forward to using this vibrant London location as a strategic base to expand their development and support of innovative, agile applications for highly regulated banks, insurance companies and money service businesses around the world.

Bidvest Bank Selects International Reference Systems’ Banknote and Document Verification Service from IMX Software

Bidvest Bank, a South African market leader in foreign exchange services for individuals, businesses and corporations, has chosen to move to an online banknote and identity document verification service supplied by International Reference Systems (IRS) through its global partner IMX Software.

The IRS service replaces the printed MRI guides that Bidvest Bank has been using in over 130 branches countrywide. IRS allows cashiers to instantly access high resolution images of banknotes from the online database. IRS also provides detailed information on security features such as watermarks, microprints, protective foil, security threads, UV reactions, intaglio and anti-copying devices including holograms and kinegrams. Cashiers can see real-time reports on which banknotes are in authorised circulation. The IRS administration function allows Bidvest Bank to customise the currencies the bank buys and/or sells and post its own alerts on counterfeits in circulation. IRS also provides a comprehensive database of passports and identity documents for all countries. This includes validation of the machine readable zone (MRZ) on passports – greatly assisting the detection of fraudulent documentation.

Says Rob Stansell, managing director of IMX South Africa: “Up until now, most bureau de change firms have depended on printed guides to authenticate banknotes. This approach is unsatisfactory, given the limitations of paper and the reality that there is usually only one guide in the branch, meaning tellers have to break away from the customer to fetch it.”

Says Sarah de Bayer, project manager at Bidvest Bank: “With IRS, our cashiers can quickly validate any banknote under normal, UV and infrared light against the IRS database and view all the security features. They can also validate passports and ID documents that they are unfamiliar with or when they deem a transaction to be suspicious. IRS provides a comprehensive illustrated glossary of security features which we see as a valuable training tool. Also, IRS can be easily integrated with our teller system which we plan to do when we launch our new retail banking system in 2016. This will allow cashiers to go straight from the transaction screen to the images of the currency they are working with.”