Swaziland Building Society (www.sbs.co.sz) is implementing a retail travel money point-of-sale solution from IMX Software to support its expansion into the over-the-counter forex trading market and ensure compliance with prevailing anti-money laundering regulations. IMX Software is the global leader in regulatory-compliant currency trading technology.
The IMX solution automates transactions involving travel-related products and services, including cash and prepaid cards. Delivered via a standard web browser, it offers lower support and maintenance costs, and the software can be quickly and easily rolled out to any new branch with a PC and an Internet connection.
Full compliance with the reporting requirements of the Central Bank of Swaziland features a cross-border foreign exchange transaction capturing and reporting system capability. IMX also offers an adaptor that enables simple and efficient administration of transactions conducted via Western Union, a leader in money transfer and global payment services.
The software will support SBS as it continues to expand from its strong base in the mortgage lending market into new areas of the financial services sector. SBS has secured a licence from the Central Bank of Swaziland to become an Authorized Dealer in Foreign Exchange with Limited Authority (ADLA) which carries significant automated regulatory reporting obligations. In addition to trading currency, the financial institution will soon offer international money transfers via Western Union to its customers.
“SBS is on a drive to create new services that add value for our customers. Following our successful expansion into selling airtime and electricity via the mobile channel, we are now moving ahead with our plans to add a bureau de change offering to our list of products,” says Elizabeth Arden, General Manager at SBS.
“IMX will facilitate our move into this market by making it quick and simple for us to deploy the systems we need to set up our forex trading desk and comply with the mandatory Central Bank regulations. It will also help us eliminate manual, error-prone tasks in managing transactions, enhance customer service, and easily manage and track our inventory, products, fees and rates.”
By using IMX, SBS will not need to run separate bureau de change and Western Union point-of-sale systems. It will be able to capture and reconcile transactions on a single system. The system also allows transaction fees to be automatically calculated and converted to local currency based on the Western Union fee structure. The consolidation of the Western Union transaction process reduces training and support costs.
Says Hennie Pretorius, General Manager at IMX South Africa: “We’re delighted to provide SBS with a full and compliant solution for its retail forex and international money transfer business. IMX offers the perfect solution for new forex businesses because it is easy to manage and quick to deploy, so our customers can stay focused on their business with full confidence that regulatory reporting obligations are being met every day with minimal manual effort.”