Al Baraka Bank launches GTS-Retail nationwide

Al Baraka Bank, the pioneer of Islamic banking in South Africa and a subsidiary of the international Al Baraka Banking Group B.S.C, has deployed IMX Software’s new generation foreign currency point-of-sale and trading compliance solution in all its branches across South Africa. A key requirement for Al Baraka was to efficiently manage foreign banknote availability across its national network in order to service its customer needs whilst optimising cash holdings.

Al Baraka has experienced strong growth in foreign banknote sales and needed to replace its existing system to enable faster transaction times and significantly improved inventory management and back-office reporting. Furthermore, the Bank plans to launch a remittance product in the future – a strategy GTS supports through out-of-the-box integration with the major remittance operators: Western Union, MoneyGram and Xpress Money.

Says Mohammed Kaka, Chief Operating Officer of Al Baraka Bank: “We are pleased to have been granted SARB approval to commence trading on GTS in time for our busy December/January trading period. The SARB mandates the maintenance of a single customer database in our core banking system and straight-through integration with our financial systems. The IMX team collaborated with our developers to successfully achieve this.”

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

GTS-Retail is highly tailored to the specialist 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.

Says Rob Stansell, Managing Director of IMX Software SA: “We are delighted to have Al Baraka as the first South African bank to use the GTS trading platform. We look forward to assisting Al Baraka to launch new products on the GTS platform in the future”.

P&O Ferries on-boards GTS across its UK fleet after extensive trials of online/offline capabilities

P&O Ferries, the leading cross channel ferry operator with the largest UK fleet of ships, has on-boarded IMX Software’s new generation foreign currency point-of-sale and trading compliance solution under a five-year managed services agreement. A key consideration for P&O was to be able to trade ‘offline’ while sailing and to reliably synchronise trading and reference data upon reconnection in port.

The project has seen IMX Software’s GTS-Retail software solution implemented on board the entire P&O fleet of 15 ships; servicing routes across the North Sea, the Irish Sea and the English Channel. The implementation of GTS is expected to drive growth in retail foreign exchange sales to customers through faster transaction times with significantly improved back-office reporting and inventory management. The ferry operator selected IMX’s Software-as-a-Service (SaaS) offering to minimise internal IT impact, whilst integrating with P&O’s current IMX Reserve&Collect service which enables customers to pre-book currency through its website for on-board collection.

GTS-Retail is a modern, easy-to-use, multi-language point of sale system enabling forex providers to serve customers quickly, while efficiently managing their compliance obligations 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 Software is the global leader in currency trading and travel money technology.

P&O Ferries, voted Best Ferry Company and Favourite Ferry Company by consumers at the Globe Travel Awards 2016, 2017 & 2018, already has a strong on-board Foreign Exchange business but needed to upgrade the technology platform to the latest standards of security, AML/KYC processes and reporting.

IMX Software’s SaaS-based solution will help P&O Ferries boost transaction turnover and lower internal operating costs, allowing better management control and optimisation of stock levels. The solution will enable P&O to improve accuracy and speed up transaction times at the point of sale.

Says Ian Goodall, CEO of IMX Software: “We’re always working with our clients to identify investment opportunities that offer our customers a better travel money experience. This successful project supports that goal through delivering an improved retail foreign exchange service whilst increasing operating controls and compliance reporting.”

Bill Tickner, Chief Commercial Officer of IMX Software’s new parent company Infinea, commented: “P&O has been an important customer of IMX for over 10 years and our team is pleased to continue supporting its growth plans with our newest software-as-a-service solution for on-board sales, whilst improving transaction times and data management via GTS-Retail’s unique offline technology.  In addition, the enhanced automation of compliance and risk processes will allow P&O’s on-board sales team to focus on engaging with the customer and maximizing the transaction value.”

Infinea acquires IMX Software to enhance global fintech portfolio

London, 16-10-18

Infinea Group, a diverse global technology and FinTech services group, today announced that it has completed the 100% acquisition of UK-based IMX Software Group in a deal that adds fintech and regtech products, and a list of long term, blue-chip banking and money service clients to its portfolio as well as adding established London, UK and Melbourne, Australia locations.

IMX solutions are deployed globally in major banking and money service organisations including Thomas Cook, American Express, ANZ Bank, Bidvest, Credit Suisse, Commerzbank, RBS Group, Moneycorp, Change Group, Rand Merchant Bank, FOREX Bank, Travel Money Group and the Central Bank of Zambia.

Following the transaction, the head office of Infinea Group will move from Johannesburg to London in order to facilitate growth in overseas markets including Europe and the USA.

Infinea maintains several brands in technology, services, and payments including:

  • Nacelle: a joint venture with Comair Ltd, one of Africa’s leading airline and aviation services groups, and owner of the regional British Airways franchise as well as low cost carrier Kulula.com, and regional aviation support companies. Nacelle operates all of the technology services, digital development, ground-side and air-side technology operations for Comair and its brands, and owns all airline and payments IP developed by one of Africa’s most successful airlines.
  • InfineaPay: a modern payments provider created to allow every member of society to participate in digital commerce, with technologies to power issuance, acquiring of e-commerce, as well as multi-tiered payments models.
  • InfineaLabs: provides all engineering and dev-ops services for all brands in the Infinea Group, and also makes its services available to outside customers at competitive rates, delivering modern, customer oriented, technology solutions from a wealth of talent and proven technology to a broad range of industry sectors.

As a result of this transaction, the IMX Software brand will be expanded upon, with the current executive management team remaining in senior roles within the new Infinea Group structure. As part of Infinea, the IMX Software team will be able to access new investment, incremental technical resources, new global markets and an advanced 24/7 software and services support organisation.

Fred Baumhardt, Infinea CEO commented that “Infinea is committed to building on IMX’s market leading specialisations and we will expand its financial services offerings, as well as consolidate other FinTech solutions under the IMX Software brand to bring all of Infinea’s financial technology innovations under one organisation with a proven track record of service delivery to customers in over 25 countries.”

Bill Tickner, IMX Software CEO said “the acquisition by Infinea represents an exciting new phase for IMX and the team is already contributing to the creation of a larger fintech solutions and service delivery organisation. Existing customers will be unaffected by this change as the IMX companies in the UK, Australia and South Africa will remain and become part of the Infinea Group. Ian Goodall, IMX’s COO, will provide continuity and maintain overall responsibility for the IMX portfolio, whilst ensuring IMX’s engineering and project excellence are maintained and expanded upon.”

Tourvest Financial Services prepares for implementation of an upgraded risk-based approach to foreign currency sales supported by new generation IMX Software deployment

Tourvest Financial Services has gone live with a new generation point-of-sale and trading compliance solution under a five-year agreement to implement IMX Software’s GTS-Retail software in conjunction 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.

Tourvest Financial Services is a wholly-owned subsidiary of leading South African tourism group, Tourvest Holdings, and supplies and exchanges currencies to inbound and outbound travelers, sells prepaid travel cards and operates as a major agent for Western Union money transfers. It has used IMX solutions for two decades and deployed IMX’s new generation GTS-Retail in August to strengthen regulatory compliance in line with a FIC-mandated risk-based approach which requires implementation by April 2019.

GTS-Retail is integrated to the ComplyAdvantage sanctions and PEP checking service to allow Tourvest to identify customers where enhanced due diligence would be required to be conducted, should the trading risk be deemed to exceed parameters agreed with the FIC. The new approach adopted by Tourvest will be audited by SARB.

GTS-Retail will mandate the collection of additional information on the client, if required, by blocking further steps in the sale process until certain conditions are fulfilled, such as the capture of additional identity or bank account information from the client.

Says Marlize van der Schyff, Financial and IT Director at Tourvest Financial Services: “Regulators are expecting South African financial services companies, including forex bureaus, to constantly improve their reporting and monitoring standards. GTS-Retail in conjunction with ComplyAdvantage will enable us to apply more stringent regulatory requirements while ensuring rapid transaction processing times and fast customer service. Furthermore, the additional data captured by GTS-Retail will add value to our data warehouse resource to allow the analysis of trading patterns and identification of new risks in order to rapidly adapt our compliance processes.”

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 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 integration eliminates dual capture of transactions, and International Reference Systems’ banknote verification allows tellers to verify banknote security features for all currencies. Over and above the standard features, IMX developed a number of functions to cater for Tourvest’s unique business requirements.

Says Hennie Pretorius, General Manager at IMX Software: “GTS-Retail provides a functionally-rich platform with all the integration required to reduce processing time while remaining compliant.  ComplyAdvantage’s sanctions screening with powerful, flexible ‘fuzzy matching’ search capability allows our customers to screen more accurately and cut through the noise by reducing false positives.”

IMX Software adds Xpress Money remittance integration to GTS-Retail

IMX Software has integrated its Global Trading System (GTS) with the Xpress Money platform. The integration will enable any GTS-Retail customer to process remittances to cash or mobile wallet recipients as a straight through process via Xpress Money.

Xpress Money is one of the largest remittance companies in the world, with over 200000 locations across 165 countries. It is dominant in South Asia, Southeast Asia and the Middle East. Xpress Money provides its customers instant, secure and convenient ways to transfer money anywhere in the world through innovative technology, superior customer service and its extensive global network. Working towards the goal of making money transfers convenient, to millions of expats residing away from their homes, Xpress Money has come to be known as one of the most dependable international money transfer brands.

GTS-Retail is a new-generation trading and inventory management solution for banks and money service operators delivering travel money, remittance and prepaid card services to consumers. It helps them to gain visibility into their businesses, streamline processes, meet increasing compliance obligations and enhance customer service. Using GTS, forex bureaus can substantially reduce the time needed to process a remittance – including real-time sanctions and PEP screening – delivering a significant increase in productivity and customer satisfaction.

The integration of GTS with another leading remittance provider means that forex retailers will be able to offer their customers better service through access to Southeast Asia and the Middle East combined with the convenience of sending funds to a mobile wallet.

The enhancement to IMX’s GTS-Retail point-of-sale system allows the forex bureau to capture details of senders and their beneficiaries to save more time when processing transactions for repeat customers. GTS also provides a full back-office reporting capability for all remittance transactions to streamline and automate compliance processes.

GTS-Retail will support the following Xpress Money transaction types:

  • Send (cash to cash or cash to mobile)
  • Receive
  • Amends

IMX signs five-year agreements with two South African customers for GTS-Retail as a managed service

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.”

GTS-Retail elevates efficiency and compliance across Zambia’s bureau de change sector

African central banks will find this case study on the adaptation of GTS-Retail for the Bank of Zambia’s AML initiative relevant to the regulation of their own bureau de change industries.

IMX Software has completed the rollout of a centralized, real-time system that allows the Bank of Zambia to monitor foreign exchange transactions processed by all licensed bureau de change operators across the country. Download the full case study here to read more.

IMX Software signs up new APAC wholesale banknote market entrant

JBFX, a new entrant in the wholesale banknotes market in APAC, has signed a five-year deal to use IMX Software’s GTS-Wholesale and Cash Centre offering, delivered as a full Software-as-a-Service (SaaS) solution and deployed across JBFX’s Sydney-based trading and vault operations to support critical business processes and regulatory compliance reporting.

The new contract was awarded to IMX Software, the global leader in currency trading and travel money technology, due to the superior modernity, scalability and flexibility of the GTS platform, which will be delivered as a fully managed service from an exclusive, high-specification Australian hosting environment. The GTS platform will also allow JBFX to adhere to the requirements of local reporting regulations via direct integration with AUSTRAC.

IMX Software’s Melbourne-based team assisted JBFX to commence commercial trading operations on GTS-Wholesale only 6 weeks after contract signature, an indication of the product’s maturity following several years of continual investment and development.

JBFX is a subsidiary of JB Financial Group, a consolidated financial services and FinTech group, which comprises of JB Markets, JB Alpha and Crown Currency Exchange.

The Bank of Zambia rolls-out GTS-Retail from IMX Software under an anti-money-laundering initiative

IMX Software announced today that it has completed the rollout of a centralized, real-time system to allow the Bank of Zambia to monitor foreign exchange transactions processed by all licensed bureau de change operators across the country.

The vulnerability of the Zambian bureau de change industry to money-laundering has been a concern of central government for a number of years. Attempts to address this risk by imposing daily trading limits on customers have been largely ineffective due to the lack of automation and record-keeping typical in most operators.

In 2016 the Bank of Zambia chose IMX’s GTS-Retail system to provide an automated system to track bureau de change transactions as they occur against a central customer database. This allows the Bank to view the aggregated value of transactions performed by a customer irrespective of where they transacted. IMX has implemented its GTS-Retail hub software in the Bank of Zambia’s head office in Lusaka and has completed the rollout of the GTS-Retail Point-of-Sale software to over 100  bureau de change branches across the country. New features were introduced into the product that allow multiple private operators to trade completely independently from each other with only the BoZ having a global view of activity.

Joseph Munyoro, Assistant Director, Non-Bank Financial Institution Supervision, says: “GTS-Retail is enabling the Bank of Zambia to realise efficiency gains through leveraging the use of technology that has removed the binding constraint we once faced with regard to the number of available on-site examiners.  GTS-Retail has proved to be an efficient means of monitoring and supervising a rapidly growing part of the Zambian financial sector using a limited number of on-site examiners.”

Rob Stansell, Managing Director of IMX in South Africa, says: “Our Zambian implementation team has received a very positive response from the supervisors and tellers during their post-implementation follow-up visits. They managed the change from a paper-based system with limited controls, to a fully automated system with pragmatism and empathy. Bureau staff have expressed their appreciation for the ease-of-use, short transaction times as well as the automated balancing and end-of-day processes.”

The recently announced features in GTS-Retail, which allow for automated scanning and validation of identity documents, will provide bureau de change with the possibility to further strengthen the customer on-boarding process. This will have the added benefit to the bureau operators of automatically populating the customer details without requiring the teller to capture them.

Tourvest Financial Services streamlines SARB and FIC compliance with IMX Software

Tourvest Financial Services, the company licensed to operate the American Express Foreign Exchange brand in South Africa, Namibia and Botswana, has signed a five-year, fixed-term agreement to implement the GTS-Retail software from IMX Software, the global leader in currency trading and travel money technology.

Tourvest Financial Services is a wholly-owned subsidiary of leading South African tourism group, Tourvest Holdings, and supplies and exchanges currencies to inbound and outbound travelers, sells prepaid travel cards and operates as a major agent for Western Union money transfers. It has used IMX solutions for the past 20 years and decided to roll out IMX’s new generation GTS-Retail to strengthen regulatory compliance and sharpen the customer experience. Implementation started early in August and should be complete by end-March 2018.

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.

Says Marlize van der Schyff, Financial and IT Director at Tourvest Financial Services: “Regulators are expecting South African financial services companies, including forex bureaus, to constantly improve their reporting and monitoring standards. GTS-Retail will enable us to meet more stringent regulatory requirements while ensuring rapid transaction processing times and fast customer service.”

GTS-Retail is tailored 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 fund transfers.

Tight integration between GTS-Retail and document readers and subscription to banknote and document verification services from International Reference Systems further speeds up business processes, improves data accuracy and reduces fraud and risk at the point of sale. When a teller scans a customer’s passport, the document will be verified for authenticity using text data recognition, Machine Readable Zone data, barcodes and other security checks.

Meanwhile, Western Union and MasterCard integration eliminates dual capture of transactions, and International Reference Systems’ banknote verification allows tellers to verify banknote security features for all currencies. In addition to these standard features, IMX will be developing a number of additional functions to cater for Tourvest’s unique business requirements.

Says Hennie Pretorius, General Manager at IMX Software: “We look forward to helping Tourvest roll out our platform to serve customers faster and improve process efficiencies across its business. GTS-Retail automates compliance and risk processes, allowing tellers to focus on engaging with the customer and maximizing the transaction value.”