IMX Software has integrated its Global Trading System (GTS) with the MoneyGram platform and is now live with a high profile international travel money operator. The integration will enable any forex retailer with a MoneyGram agency to process remittances more efficiently and with fewer errors.
GTS-Retail is a new-generation trading and inventory management solution for banks and money service operators delivering travel money, remittance and prepaid card services to consumers. It helps them to gain visibility into their businesses, streamline processes, meet increasing compliance obligations and enhance customer service. Using GTS, forex bureaus can reduce the time needed to process a remittance by 66% or more, when combined with a forex sale, delivering a significant increase in productivity and customer satisfaction.
The integration of GTS with another leading remittance provider means that forex retailers will be able to process MoneyGram remittances using the same platform they use for all other sales transactions. Tellers won’t need to learn a new user interface for remittances or log into a separate system, saving time by significantly reducing re-keying of data.
In addition, they will no longer need to re-capture data about remittance transactions and customers in their point of sale system, saving time and reducing manual errors. In certain jurisdictions, such as South Africa, straight through processing from a single source system is a regulatory requirement and is fully supported today by GTS-Retail.
The enhancement to IMX’s GTS-Retail point-of-sale system allows the forex bureau to capture details of senders and their beneficiaries to save more time when processing transactions for repeat customers. GTS also provides a full back-office reporting capability for all remittance transactions to streamline and automate compliance processes.
GTS-Retail will support the following MoneyGram transaction types:
- Send (cash to cash or cash to account)
- Receive
- Amends
- Refunds
Says Marijan Miocic, Product Director at IMX Software: “Our clients are experiencing strong demand from customers who want secure and affordable ways to send & receive money across borders and make global payments. Due to globalisation remittances are expected to amount to more than $601 billion in 2016, according to World Bank forecasts. Our aim with the MoneyGram integration is to make it simpler and more efficient for our clients to process and report remittances.”