Atlantico Namibia and SME Bank have become the latest financial services institutions in Namibia to implement IMX Software’s retail travel money point-of-sale solution. Both organisations were recently appointed as authorised dealers in foreign exchange and will use the software to easily comply with the Bank of Namibia’s regulatory reporting requirements.
Atlantico Namibia is a recently established branch of Banco Privado Atlantico SA, an Angolan bank headquartered in Luanda. SME Bank is a fully-fledged commercial bank institution founded by the Government of Namibia. Both banks will use the software to record and report cross-border payments.
The IMX solution includes powerful features that streamline regulatory reporting for financial institutions in southern Africa dealing in foreign exchange. The compliance software enables banks, retail forex bureaus and remittance providers in the Common Monetary Area (CMA) to easily comply with the reporting requirements of their countries’ Financial Intelligence Units and central banks.
Says Hennie Pretorius, General Manager at IMX Software South Africa: “Our solutions help financial institutions in southern African fast-track the implementation of software that complies with reserve bank and anti-money laundering legislation. It also helps forex bureaus to enhance customer service, improve transaction times and gain complete visibility into their inventory, exposure and operations.”