IMX Software, the global leader in currency trading and travel money technology, has released a new version of its Business Continuity Mode (BCM) for its GTS Retail point of sale solution for retail foreign exchange firms.
BCM is a unique online-offline capability which allows branches to keep trading even when their internet connections fail. This solution means that branches can continue to serve customers and stay compliant without reverting to a manual paper-based system in the event of a network failure.
Says Mars Miocic, Product Director at IMX Software: “BCM is designed to support the service continuity needs of retail operations with high transaction volumes. In these environments, just a few minutes of network downtime at a branch during peak trading hours can result in significant lost revenue and reputational damage and customer loyalty.
“With BCM, the branch can keep running so that there is no loss of revenue. BCM allows tellers to keep serving customers at the usual speed, even when they don’t have access to online functionality. It also ensures that security and audit controls remain intact even when the network is down, reducing the risk of fraud whilst continuing to enforce important compliance obligations.”
BCM is perfect for branches in locations such as airports where the organisation does not control the network, as well as for remote areas with unpredictable or patchy telecoms infrastructure, as the solution ensures consistent, fast response times irrespective of how slow or unreliable the network is.
The solution requires the deployment of a standard low-cost server at branch level. Installation of the branch sever is quick and uncomplicated, and onsite maintenance is easy to manage.
BCM is based on proven, scalable technology and allows branches to operate in offline mode for days if necessary. In offline mode, branches can continue to manage exchange rates and customer data locally, either via manual entry or by uploading a rate file. Branches can also trade products in offline mode.
As soon as the branch is back online, rates configured from the central hub will be replicated at the branch. Transactions are also replicated from the branch server to the central hub and reference data updates are replicated from the hub server to the branch server.