IMX Software announced today that it has concluded an agreement with Travelex Africa Foreign Exchange to replace its existing foreign exchange trading system with GTS-Retail.
Travelex Africa has signed a five-year agreement to implement IMX Software’s market-leading point-of-sale trading and regulatory compliance solution, GTS-Retail, together with the leading real-time sanctions and PEP checking service from ComplyAdvantage. IMX Software is the global leader in currency trading and travel money technology.
Travelex operates 38 branches across South Africa including OR Tambo International airport. In January, the South African assets of Travelex were purchased by Tourvest Financial Services – an existing GTS-Retail client – increasing Tourvest’s branch estate to 87. Tourvest has prioritised the rollout of GTS-Retail in Travelex to gain the operational and compliance advantages the GTS platform provides. The project is being fast-tracked to achieve go-live across all Travelex branches by 1 April this year.
Says Andrew McDonic CEO at Tourvest Financial Services: “GTS-Retail is key to our operational effectiveness and we look forward to achieving the same benefits in the Travelex branches. Also, the common technology platform will facilitate the transition of branches from the American Express brand to Travelex prior to the expiry of Tourvest’s franchise agreement with American Express in June.”
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.
GTS-Retail is tailored to the highly specific 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 fund transfers.
In addition, Western Union and MasterCard integrations eliminate dual capture of transactions, and the embedded International Reference Systems’ banknote verification service allows tellers to verify banknote security features for all currencies.