Imperial FX, a new bureau de change (BdC) specialist with 8 stores in UK, 12 stores in Europe and multiple affiliate stores in the Middle East, has implemented IMX Software’s GTS-Retail currency point of sale system because of the centralised control of rates, stock and general oversight. Imperial FX selected the Software-as-a-Service (SaaS) version of GTS Retail for speed to market and to allow management to focus on growing the business rather than on systems.

Imperial FX has significant experience of BdC business in Iraq, Dubai and Jordan. The company needed a flexible and modern business solution to keep up with an aggressive growth strategy that targets expansion of branch-count to 50 bureaus in the next 18 months. To expand the immediate reach of their business, Imperial also selected IMX’s Reserve and Collect module, to allow customers to pre-order their currency online and collect from any of their branches.

IMX Software’s SaaS-based solution will help Imperial boost transaction performance and lower operating costs while complying with central bank, know your customer (KYC) and anti-money laundering (AML) laws and regulations. The solution will enable Imperial to reduce human error and speed up transaction times when managing foreign cash, whilst allowing future expansion to prepaid cards, and other serialised or non-serialised stock product, money orders and remittances.

Says Ali Alani, Managing Director at Imperial FX: “Having reviewed competing retail products, GTS was the clear market leader combined with delivery from a company who are innovative, reactive, central London based, well connected to the wholesale community, diligent of regulatory issues and generally extremely knowledgeable in the FX space.”

“With its modern interface, GTS-Retail is easier to use than any other solution I have used before and has found rapid acceptance among our tellers” added Ali Mohammad, Project Lead at Imperial FX. “

In addition, we also like GTS-Retail’s configurable reporting function—which allows us to generate powerful reports across our entire branch network—as well as its revenue-generating features such as product upsell and buy-back guarantees.”

Imperial FX now has a centralised view of its stock and cash position across all branches which they will eventually deploy using GTS Analytics.

Says Bill Tickner, CEO of IMX Software: “We are delighted to sign Imperial FX to IMX’s SaaS-based version of GTS-Retail and Reserve & Collect. The solution continues to find strong acceptance in the market because of its modern architecture and rich features that give retail forex companies the functionality, flexibility and cost benefits needed to thrive in the market place.”