Johannesburg, December 9, 2013: IMX Software, the world’s leading provider of banknote trading and travel money technology solutions, has built complete integration with The Western Union® Company (NYSE:WU), a leader in money transfer and global payment services into its TMX-Online retail travel money point-of-sale software.
The TMX-Online solution automates transactions involving travel-related products and services, including cash, travellers’ cheques and pre-paid cards. With the newly developed Western Union adaptor for TMX-Online, retail travel money bureau operators are able to enjoy higher levels of efficiency and simpler administration of Western Union transactions.
Importantly, the adaptor responds to the new South African Reserve Bank (SARB) requirement for a single source system for capturing and reporting of foreign currency transactions, and has been certified by Western Union. The development was the result of close collaboration between IMX, its clients, SARB and Western Union and went live in mid-September.
The Western Union adaptor for TMX-Online features complete integration with the Western Union host via the Western Union gateway. That means foreign exchange retailers no longer need to run separate bureau de change and Western Union point-of-sale systems. Instead, they are able to capture and reconcile transactions on a single system.
The system also allows transaction fees to be automatically calculated and converted to local currency based on the Western Union fee structure.
Says Hennie Pretorius, General Manager at IMX South Africa: “This solution for Western Union integration brings a range of attractive benefits to our clients. It eliminates the need to capture transactions on two systems, reducing transaction time and increasing accuracy.
“Furthermore, it does away with the need for reconciliation of transactions across the Western Union and bureau point-of-sale systems. The consolidation of the Western Union transaction process reduces training and support costs. Operational risks are also lowered by reducing opportunities for staff fraud.”
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