Fast expanding foreign exchange retailer, Travel Money Group, has implemented the GTS–Retail solution from IMX Software in New York to support the launch of its US business.
IMX Software announced today that it has delivered the GTS-Retail point of sale solution to Travel Money Group (TMG) in order to support the launch of US operations in New York in its two new Manhattan stores. IMX has been working with TMG over the past few months to adapt the solution for the US regulatory environment as it expands its operations outside of Australia and New Zealand.
Travel Money Group is one of the fastest growing businesses within Flight Centre Travel Group, an Australian-based company that is publicly traded on the Australian Stock Exchange and operates more than 12 brands in the USA under the FC USA Inc. umbrella, including Liberty Travel and GOGO Vacations.
The debut of two Manhattan locations adds to the hugely successful network of over 150 stores across Australia and New Zealand. In the current fiscal year the business is on track to deliver $1 billion (AUD) in gross sales while serving over 1.1 million customers annually in Australia alone and seeing 70% growth in New Zealand year over year. In just 18 months, Travel Money Oz has more than doubled its footprint with the addition of 78 stores.
In parallel to the USA delivery, IMX is supporting the migration of the existing branch estate in Australia and New Zealand to GTS-Retail. The migration is targeted to complete in 2016.
Among the benefits TMG expects to achieve from the solution are enhanced transaction performance through the provision of a common sales platform for cash, remittances and pre-paid cards; lower operating costs; simpler regulatory compliance and improved business agility. The system will help the company meet the requirements of increasingly complex know your customer (KYC), anti-money laundering (AML) laws and central bank regulations in the countries where it operates.
Other advantages of the IMX GTS-Retail solution include its ease of use – which simplifies end-user training and change management; its robust reporting tools; its revenue generating functions such as product upsell and buy-back guarantee; and integration to GTS-Analytics for real-time visual tracking of teller, branch, city, regional or global trading performance.
Integration of the platform with global sanctions lists (such as those from OFAC, Bank of England, Austrac and the UN) simplifies transaction-level KYC checks, while the ability to upload scanned documents into client KYC profiles drastically reduces transaction times for repeat customers.