Imali Express Foreign Exchange, one of South Africa’s leading bureau de change companies, has become the first software-as-a-service (SaaS) customer for IMX Software’s TMX-online solution. By adopting the SaaS solution, Imali was able to fast-track the modernisation of its travel money point-of-sale software to meet an immovable deadline to address new cross-border foreign exchange transaction reporting requirements from the South African Reserve Bank (SARB).
In addition, the bureau de change now has a robust travel money technology solution in place that frees it of the burdens of developing bespoke software to drive its business and managing the supporting IT infrastructure. Imali is now able to focus on growing its business and serving its customers, rather than on running its technology environment.
Before adopting TMX-online, Imali was running a custom-developed system supported by an independent developer. Although this system had served its business well, Imali realised that it would not be able to adapt this system quickly enough to cater for the introduction of SARB’s Finsurv reporting system.
The company approached IMX Software South Africa for help in June last year ahead of the introduction of SARB’s new financial surveillance requirements. As an Authorised Dealer with Limited Authority (ADLA), Imali had to comply by 19 August. IMX Software was able to roll out the fully FinSurv compliant TMX-online solution within six weeks and help to train staff at all 14 branches on the new system.
An integrated FinSurv module enables South African TMX-online clients to collect and submit data to SARB in its required format. The FinSurv functionality supports all the new mandatory data fields, which are to be reported on for every foreign exchange transaction.
IMX Software provides hardware and software, maintenance, infrastructure, backups and system monitoring on the TMX-online platform to ensure high availability. The solution can be accessed securely from any of Imali’s branches using a Web browser. All data is hosted in South Africa, in line with SARB’s requirements.
TMX-online automates transactions involving travel-related products and services, including cash and travellers cheques. As a browser-based solution, support and maintenance costs are lowered and the software can be quickly and easily rolled out to any new branch with a PC and an Internet connection.
Says Imali Express Foreign Exchange CEO Charles Chirume: “We decided that we would be in safe hands with IMX Software because of the substantial customer base it has in South Africa as well as its long track record in the local market. Following the rollout of TMX-online, we now have a configurable, flexible SaaS solution in place that gives us the flexibility and scalability we need to adapt quickly, and with minimal disruption, in a changing market and regulatory landscape.
“We have a strategic partner in IMX Software – one of the world’s leading providers of banknote and forex trading solutions – as they can support us with the solutions we need to enhance our operational efficiency and improve our service to our customers in the years to come. There is a clear upgrade path for our future, due to the clear product roadmap IMX has set out for the TMX-online platform.”