TymeBank, a South African digital challenger bank established in 2018, has deployed IMX’s new KYNETIX regulatory reporting solution to enhance its compliance infrastructure for international card transactions. In under three months, KYNETIX was integrated with TymeBank’s core banking system to report all international card transactions.

IMX KYNETIX is a sophisticated, automated reporting suite that only requires manual intervention in the case of exceptions and provides peace of mind with updates each time the South African Reserve Bank (SARB) or Financial Intelligence Centre (FIC) makes a change.

TymeBank is immediately benefitting from KYNETIX’s fully automated daily reporting capability to manage SARB’s foreign exchange compliance requirements and FIC’s goAML reporting requirements.

The first majority black-owned retail bank in South Africa to hit 1 million customers, TymeBank has a mission to help every South African access affordable banking and is investing in leading edge technology solutions to meet this objective.

Like all banks, TymeBank has complex compliance-reporting obligations which require automation to lower costs and increase efficiency. This includes Balance of Payments (BoP) reporting on international cross-border transactions to the SARB in a specified format, to comply with Financial Surveillance requirements and International Funds Transfer Reporting (IFTR) to the FIC on international trades above R5000.

To support the licence application to process international card payments, TymeBank required an automated system to meet stringent SARB rules. As a result, they partnered with IMX Software to install KYNETIX to manage risk and compliance across their business.

“Recognising that compliance is an evolving environment, we ensure customers get new releases of KYNETIX each time anything changes. The application takes care of the end-to-end reporting process,” says Dinisha Srikison, Business Lead, IMX KYNETIX.

After consultation with IMX to define project scope, TymeBank was able to comfortably meet the SARB inspection requirements. KYNETIX features straight-through processing, which requires no manual intervention, a must-have for SARB. The module takes care of reversals, replacements, cancellations, and corrections through an easy-to-use web interface.

IMX Software has over 15 years of cross-border reporting experience and has utilized this knowledge to develop a licensed software solution incorporating all future SARB and FIC changes and validation rule updates. The module provides an automated submission engine to SARB and FIC, compliant with FINSURV and goAML specifications.