IMX Software announced today that Travelex Africa Foreign Exchange has successfully completed its second month of trading on the new GTS-Retail trading system after a rapid, 2-month implementation.

Following its purchase of Travelex Africa Foreign Exchange in January 2019, Tourvest Financial Services needed urgently to migrate all Travelex branches to GTS-Retail to improve operational and compliance processes and to enable synergies between the two businesses. A combined Tourvest and IMX project team completed what would normally be a 6-month project in 2 months.

Marlize van der Schyff, Finance and IT Director at Tourvest Financial Services says: “By adopting the same GTS-Retail configuration we have in Tourvest, we were able to fast-track the implementation without facing the risks an accelerated project usually entails.  We are already seeing the benefits of the GTS system in the areas of operations, finance and compliance in Travelex as well as in synergies across the combined Tourvest/Travelex businesses. ”

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.