Imali Express and Tower Bureau de Change have signed five-year, software-as-a-service agreements to migrate from their existing TMX implementations to GTS-Retail from IMX Software, the global leader in currency trading and travel money technology.

GTS-Retail is a modern, easy-to-use, multi-language point of sale system enabling forex providers and banknote traders to serve customers quickly, while efficiently managing their business and inventory. Centralized administration and reporting provide a clear view of performance and ensure that trading, AML, KYC and other business-specific rules are enforced.

IMX has tailored GTS-Retail to the needs of the South African market, with compliance modules for South African Reserve Bank FinSurv reporting as well as integration with the Financial Intelligence Centre’s goAML software for reporting of larger cash transactions, suspicious transactions and international funds transfers. In addition, recent changes to South African Reserve Bank regulations require authorised dealers with limited authority (ADLAs) to better uphold sanctions and PEP screening against customers. To meet this requirement, GTS is now fully integrated with ComplyAdvantage, the world’s only provider of AI-driven AML risk data, allowing for real-time screening of customers against global sanctions and PEP lists. These new features will help ADLAs using GTS meet their statutory obligations and prevent breaches of regulations.

Says Rob Stansell, MD of IMX South Africa: “We are looking forward to migrating our long-standing customers, Imali Express and Tower Bureau de Change, to our hosted GTS-Retail fully managed service in the coming months.”