New POS replaces legacy software to underpin ambitious growth targets in competitive UK market, allows business continuity with unique on/offline mode
IMX, the global leader in banknote trading and travel money technology solutions, today announced that its new generation point-of-sale software has been selected by Moneycorp, a major foreign currency and pre-paid card provider in the competitive London and UK airports markets, to replace its legacy branch software. IMX’s technology will underpin productivity and process performance improvements in the existing branch base as well as supporting Moneycorp’s ambitious growth plans in the UK and selected international markets.
IMX’s new GTS Retail point-of-sale system boasts Business Continuity Mode, a unique online-offline capability which will allow Moneycorp’s branches to continue to trade when the internet connection serving the branch is unavailable. BCM was designed to support the service continuity requirements of high transaction volume retail operations where failed communications infrastructure at branch level can result in significant lost revenue and reputational damage after just a few minutes of downtime during peak trading hours.
Moneycorp currently uses an older generation point-of-sale solution with no integrated back-office, limitations on management information and reporting across the branch network. GTS Retail provides the London-based management team with greatly improved real-time visibility of business volumes, teller productivity and stock risk across the entire branch network. This in turn enables the business to operate at a higher level of stock efficiency and to respond rapidly to fluctuations in exchange rates with resulting profitability improvements.
As well as far greater visibility of transactional and stock position information the GTS implementation will also remove a significant amount of manual business processes to allow staff to focus on higher value tasks. In addition, the centralised and automatic updating of exchange rates across the network allows the head office to maximise profitability by location through better control of the buy/sell spread.
Nick Haslehurst, Moneycorp’s CFO commented: “The new solution from IMX will provide our company with a distinct competitive differentiator, particularly in the high volume airports market where we intend to more fully integrate our service offerings such as Reserve & Collect. Our management team will also have more valuable and timely information at their fingertips, which will enable us to respond in real-time to changing market conditions, make more informed decisions and focus our resources effectively as we increase our global branch footprint.”
Bill Tickner, IMX’s Chief Executive Officer added: “We are naturally very pleased that the new product investment over recent years has been recognised by such a well-established UK travel money brand and we look forward to supporting the company’s long term growth plans across several key markets. The investment in our London-based team was also a key factor in our selection – with project management, development and support resources local to Moneycorp we are able to respond rapidly and work closely with the team to meet the challenges of rollout timescales and round-the-clock operations.”
IMX Software’s GTS is a new suite of modular, integrated software products that increase operational efficiency and reduce costs and risk for businesses in the banknote and precious metal trading, retail currency exchange, and travel money markets. The six configurable GTS modules address the varying processing and control demands of wholesale banknote trading, managing cash inventory and distribution workflow, operating retail branches and bureau de change, and supporting online and mobile consumer ordering whilst monitoring business performance in real time across the banknote supply chain and helping clients meet stringent international regulatory obligations.