IMX Software, the world’s leading provider of banknote trading and travel money technology solutions, released a new FinSurv module for its TMX-Online software to align it with the South African Reserve Bank’s (SARB’s) new cross-border foreign exchange transaction reporting requirements. TMX-Online automates transactions involving travel-related products and services, including cash and travellers’ cheques.
The new Finsurv module replaces TMX-Online’s existing Bopcus reporting module and was provided to clients as a free upgrade under IMX’s software maintenance arrangements. The new module addresses changes the Financial Surveillance Department of the South African Reserve Bank has made to its reporting system to align it with the liberalisation of financial markets, relaxation of capital controls, new financial instruments, and growth in international trade services.
Says Hennie Pretorius, General Manager at IMX Software South Africa: “We worked closely with our clients and SARB to meet the new Financial Surveillance requirements deadline of 19 August.
“This is one example of the advantages a configurable, flexible packaged system offers travel money providers in a world that is in constant regulatory flux. Our solution is designed to give our clients the agility they need to adapt quickly to a fast-changing business and regulatory landscape with minimal disruption.”