IMX Software announces a new nationwide UK managed services deal with Thomas Cook for the new generation GTS-Retail point-of-sale system for travel money, pre-paid cards and money transfers.

IMX Software announced today that it has fully implemented a GTS-Retail point-of-sale managed service across nearly 800 Thomas Cook stores following an intensive six-month project to replace a legacy solution prior to the summer peak trading period.

The primary benefits Thomas Cook expects to obtain from the IMX solution are enhanced transaction performance, lower operating costs, simpler regulatory compliance and greater change management agility. The system will help the company meet the increasingly complex requirements of know your customer (KYC) and anti-money laundering (AML) laws and regulations.

In late 2015 IMX won the competitive tender for the replacement of Thomas Cook’s legacy point-of-sale and back office administration system used to sell high volumes of foreign currency, pre-paid travel money cards and money remittance services across the UK. GTS-Retail’s close integration with MasterCard processes significantly improves the customer experience through faster transactions, and gives Thomas Cook an enhanced Multi-Currency Cash Passport product offering.

The software-as-a-service contract was awarded to IMX due to the superior modernity, scalability and flexibility of its new GTS-Retail system, which will be delivered as a managed service from an exclusive, high-specification UK hosting environment. The tender process took place during 2015 with all vendors asked to prove their capability around product performance, remittance integration, efficient trading workflow, systems integration flexibility, availability of self-help reporting services, project delivery and service quality.

Thomas Cook also placed significant emphasis on the longevity of the product, taking the view that the technology foundations needed to be relevant for the next decade. IMX’s recent five-year product investment programme placed GTS-Retail significantly ahead of the competition in this strategic category.

Other advantages of the IMX GTS-Retail solution include its ease of use – which simplifies end-user training and change management; its robust, self-configurable reporting tools; and its revenue generating functions such as product upsell and buy-back guarantee.

Integration of the platform with global sanctions lists (such as those from OFAC, Bank of England, EU 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.