IMX Software announces 2017 Client Conference in October

Following on from a successful event in London last October, IMX Software has announced the dates and agenda for its 2017 client conference on October 10th.

The IMX team will be updating its customers on product investment plans and showcasing the latest GTS-Retail, Ecommerce and Wholesale releases. This will highlight product developments as a response to recent changes in the regulatory and compliance landscape that impact all currency exchange operators and how they deal with their customers, particularly the 4th EU AML Directive. IMX will also be helping its customers to better understand and prepare for the upcoming challenges presented by PSD2 and GDPR.

Sessions from industry partners Comply Advantage, Peters & Peters, and Mastercard will deliver a broader industry dimension to the agenda along with two of the travel money industry’s most progressive operators who will share their recent experiences in switching to GTS-Retail.

A reliable, competitive wholesale partner is key to operating a profitable money service business and to address this essential component of the industry, IMX plans to end the session with an interactive panel discussion around the key wholesale supply challenges facing the business today. In support of this agenda item IMX has invited several of the leading banknote wholesalers to participate.

The day will close with drinks and entertainment, giving everyone the opportunity to connect.

The Conference details are as follows:

 

CUSTOMER CONFERENCE 2017

Date:    Tuesday, 10 October 2017

Venue: The Kia Oval, Kennington, London SE11 5SS

Time:    9:30am – 4:30pm, followed by a drinks reception and entertainment until 6pm

 

For further information, contact us at info@imxsoftware.com

IMX announces upgrade programme to support new GDPR requirements

GTS users will benefit from a package of product enhancements to meet the challenges of new GDPR legislation, to be announced at October client conference

The European Union’s ambitious General Data Protection Regulation (GDPR) will come into force in under 12 months on 25th May 2018 and UK firms will be required to comply from the outset, regardless of Brexit. Failure to comply could result in fines of up to £20m, or 4% of annual global turnover, so businesses need to be assessing how they are going to respond to this new requirement ahead of it taking effect.

IMX Software is experienced at helping clients comply with regulatory requirements around the world and will be announcing a programme of GDPR-led product changes to be available later in 2017, in time for implementation before the deadline. Full technical and commercial details will be announced at our client conference in London on 10th October.

Most Money Service Business (MSB) processes involve collecting customer data, and even if this is solely for regulatory purposes it still falls within the scope of GDPR. Among other items, the GDPR includes comprehensive rights for individuals which will require pro-active management of client data by the MSB, potentially over several years, including the right to be informed, right of access, right to erasure, right to restrict processing and a right to object.

Bill Tickner, IMX Software CEO said: ‘Many MSBs will be considering if they need an information audit to assess existing processing policies, such as retention periods, and how the individual’s rights, such as for deletion of personal data or providing the data electronically, will be managed. It is likely that new data handling policies and processes will be required by the MSB to ensure compliance with GDPR and we aim to assist our customers to meet this new regulatory obligation prior to the deadline.’

Other key considerations include how customer consent will be obtained for the capture, storage and usage of their data, as well as clarifying the legal basis for holding and processing the data. Staff training is expected to be a key area for action as front line staff will need new tools to address customers’ questions as they gain more understanding of their individual rights.

In addition to the package of GTS product changes, IMX will also be teaming up with an external, independent consultant to make available a GDPR assessment that will provide a health check on key aspects of the legislation and provide management with a recommended action plan to ensure compliance. More details will follow on this GDPR assessment service shortly.

Please contact us at GDPR@imxsoftware.com for more details.

For further information on GDPR, the Information Commissioner’s Office has published a useful guide to the steps a business needs to be taking, available at https://ico.org.uk/media/for-organisations/documents/1624219/preparing-for-the-gdpr-12-steps.pdf

NORTHWEST MONEY EXCHANGE upgrades to GTS-Retail for continuous trading with Branch Continuity Mode.

Northwest Money Exchange, a long term IMX customer with an established bureau business based in Northern Ireland, renown for competitive pricing and excellent service, has now fully implemented IMX Software’s GTS-Retail currency point of sale system. Northwest selected the Software-as-a-Service (SaaS) version of GTS-Retail including Branch Continuity Mode (BCM) which allows all orders to be processed through the system even if network connectivity is lost. The unique solution also allows customer details to be verified and money-laundering checks completed during network outages

Loss of connectivity remains an issue for many bureaus, completing deals using manual receipts causes considerable delays to the customers and increases security risks for the business owner. GTS-Retail, with the unique ability to switch automatically from online to offline and back again, removes these risks and keeps the customer experience high. All offline trading data is automatically synchronised when connectivity is restored, without the need for user or administrator intervention.

IMX Software’s SaaS-based solution combined with BCM significantly boosts transaction performance whilst lowering operating costs and complying with central bank, know your customer (KYC) and anti-money laundering (AML) laws and regulations. The solution will enable Northwest to store client information centrally, enabling regular customers to be fulfilled rapidly based on stored documentation.

Charlene McMonagle, Bureau Director at Northwest: “Loss of connectivity before GTS meant we could not trade, that issue is now behind us. Similarly boxes of confidential data that had to be securely stored are now held electronically and accessed from across our branch network.”

“GTS was rapidly accepted by the bureau staff as the interface must be the easiest to use on the market. IMX have worked closely with our IT consultants to help us understand and manage the local GTS Branch Servers”

Northwest now has a centralised view of its stock and cash position across all branches which they can deploy using GTS Analytics, allowing key managers to see important metrics in real-time delivered on any Apple or Android device.

Says Bill Tickner, CEO of IMX Software: “We are delighted to have upgraded Northwest from our previous TMX online solution to IMX’s SaaS-based version of GTS-Retail with BCM. The solution was designed specifically for active bureau networks such as Northwest that cannot afford any operating downtime.”

Swaziland Building Society implements IMX solution for trading & regulatory risk management as it expands into retail forex

Swaziland Building Society (www.sbs.co.sz) is implementing a retail travel money point-of-sale solution from IMX Software to support its expansion into the over-the-counter forex trading market and ensure compliance with prevailing anti-money laundering regulations. IMX Software is the global leader in regulatory-compliant currency trading technology.

The IMX solution automates transactions involving travel-related products and services, including cash and prepaid cards. Delivered via a standard web browser, it offers lower support and maintenance costs, and the software can be quickly and easily rolled out to any new branch with a PC and an Internet connection.

Full compliance with the reporting requirements of the Central Bank of Swaziland features a cross-border foreign exchange transaction capturing and reporting system capability. IMX also offers an adaptor that enables simple and efficient administration of transactions conducted via Western Union, a leader in money transfer and global payment services.

The software will support SBS as it continues to expand from its strong base in the mortgage lending market into new areas of the financial services sector. SBS has secured a licence from the Central Bank of Swaziland to become an Authorized Dealer in Foreign Exchange with Limited Authority (ADLA) which carries significant automated regulatory reporting obligations. In addition to trading currency, the financial institution will soon offer international money transfers via Western Union to its customers.

“SBS is on a drive to create new services that add value for our customers. Following our successful expansion into selling airtime and electricity via the mobile channel, we are now moving ahead with our plans to add a bureau de change offering to our list of products,” says Elizabeth Arden, General Manager at SBS.

“IMX will facilitate our move into this market by making it quick and simple for us to deploy the systems we need to set up our forex trading desk and comply with the mandatory Central Bank regulations. It will also help us eliminate manual, error-prone tasks in managing transactions, enhance customer service, and easily manage and track our inventory, products, fees and rates.”

By using IMX, SBS will not need to run separate bureau de change and Western Union point-of-sale systems. It will be able to capture and reconcile transactions on a single system. The system also allows transaction fees to be automatically calculated and converted to local currency based on the Western Union fee structure. The consolidation of the Western Union transaction process reduces training and support costs.

Says Hennie Pretorius, General Manager at IMX South Africa: “We’re delighted to provide SBS with a full and compliant solution for its retail forex and international money transfer business. IMX offers the perfect solution for new forex businesses because it is easy to manage and quick to deploy, so our customers can stay focused on their business with full confidence that regulatory reporting obligations are being met every day with minimal manual effort.”

IMX Software delivers Phase II of United Nations goAML reporting to South African client base

IMX Software has completed the roll-out of goAML International Funds Transfer Reporting (IFTR) to its South African client base ahead of the March 31 deadline set by the Financial Intelligence Centre (FIC).

IMX has extended the capability of its travel money, remittance and prepaid card point-of-sale (PoS) platform to support the FIC’s IFTR requirement to report all electronic money transfers, irrespective of value.

Phase II of the FIC’s GoAML programme adds IFTR to the existing requirements for cash threshold reporting (CTR) and suspicious transaction reporting (STR) that came into effect in April 2016.

The solution applies the new reporting rules to the IMX PoS system and automates the submission of reports to the FIC’s national goAML system.

What is goAML?

goAML is a global AML reporting standard adopted by the United Nations Office on Drugs and Crime (UNODC) that regulators around the world are increasingly adopting to combat terrorist financing and money laundering by organised crime.

goAML is an integrated database and intelligent analysis framework intended for use by financial intelligence units worldwide, allowing them to share standardised information, improve financial crime detection and increase prosecution success rates.

UNODC is mandated to assist UN Member States in their struggle against illicit drugs, crime and terrorism. Financial intelligence units around the world play a leading role in any anti-money laundering regime as they are generally responsible for receiving, processing and analysing reports made by financial institutions or other entities according to the requirements of domestic anti-money laundering laws and regulations.

Two Namibian banks sign up for IMX Software’s regulatory reporting solution

Atlantico Namibia and SME Bank have become the latest financial services institutions in Namibia to implement IMX Software’s retail travel money point-of-sale solution. Both organisations were recently appointed as authorised dealers in foreign exchange and will use the software to easily comply with the Bank of Namibia’s regulatory reporting requirements.

Atlantico Namibia is a recently established branch of Banco Privado Atlantico SA, an Angolan bank headquartered in Luanda. SME Bank is a fully-fledged commercial bank institution founded by the Government of Namibia. Both banks will use the software to record and report cross-border payments.

The IMX solution includes powerful features that streamline regulatory reporting for financial institutions in southern Africa dealing in foreign exchange. The compliance software enables banks, retail forex bureaus and remittance providers in the Common Monetary Area (CMA) to easily comply with the reporting requirements of their countries’ Financial Intelligence Units and central banks.

Says Hennie Pretorius, General Manager at IMX Software South Africa: “Our solutions help financial institutions in southern African fast-track the implementation of software that complies with reserve bank and anti-money laundering legislation. It also helps forex bureaus to enhance customer service, improve transaction times and gain complete visibility into their inventory, exposure and operations.”

ChangeGroup adds new order channels and increases marketing opportunities with GTS-Reserve&Collect

ChangeGroup, a leading provider of foreign exchange services established for over 20 years and with 120 branches across 3 continents, has implemented IMX Software’s GTS-Reserve & Collect in several markets to add new channels for its retail foreign exchange trading service. The multi-national bureau operator selected IMX’s Software-as-a-Service (SaaS) solution as a quick route to market whilst seamlessly integrating with ChangeGroup’s current e-commerce offering.

IMX Software’s GTS-Reserve & Collect will help ChangeGroup boost transaction turnover from online channels and lower operating costs, allowing better control and optimisation of stock levels. Deploying GTS-Reserve&Collect will enable ChangeGroup to reduce human error and speed up transaction times at the point of sale by integrating deal processes. The solution is available in any language and ChangeGroup, has initially deployed to their UK, French, German and Spanish estates., with USA to follow in early 2017

Says Paul Crombie, Divisional Director – Western Europe, at ChangeGroup: “We’re constantly looking for ways to offer our customers a better travelling experience, and GTS-Reserve & Collect supports that goal by enabling us to improve the performance of our retail foreign exchange service by offering a smoother customer experience and improved pricing.”

GTS-Reserve&Collect is available as a stand-alone module allowing any operator to enter the online Travel Money Market but when integrated with GTS Retail, customer orders are directly populated into the bureau PoS where the order will be collected. This enables the order to be prepared before the customer arrives and stock to be reserved for a specified period. One click brings the order straight into the deal ticket for settlement.

Marcus Custance, Sales Director of IMX Software commented: “ChangeGroup has been a long term customer of IMX having upgraded from our first generation PoS solution to GTS Retail including offline mode. By adding a new online channel with GTS-Reserve&Collect, we expect ChangeGroup to optimise their customers’ experience and continue to grow their international business.”

Travel Money Group completes upgrade of bureau operations across Australia with GTS-Retail

Fast expanding foreign exchange retailer, Travel Money Group, has completed the nationwide upgrade of its bureau network to IMX Software’s GTS–Retail solution in order to deliver an improved, integrated customer experience.

IMX Software announced today that it has completed the upgrade of Travel Money Group’s (TMG) Australian branch network to the new GTS-Retail point of sale solution, which was implemented as a full Software-as-a-Service (SaaS) platform with the new integrated MoneyGram remittance capability to simplify transactions, reduce teller training requirements and deliver significant improvements to the overall customer experience.

The SaaS deployment of GTS-Retail across Australia in just four weeks follows the earlier successful implementation in the US market, and will be followed by an October deployment across New Zealand to complete the upgrade process.

Travel Money Group is one of the fastest growing businesses within Flight Centre Travel Group, an Australian-based company that is publicly traded on the Australian Stock Exchange. The hugely successful network of over 150 stores across Australia and New Zealand is on track to deliver $1 billion (AUD) in gross sales while serving over 1.1 million customers annually in Australia alone and seeing 70% growth in New Zealand year over year. In just 18 months Travel Money Oz has more than doubled its footprint with the addition of 80 stores.

Among the benefits TMG expects to achieve from the investment in the modern, best-in-class GTS-Retail are enhanced transaction performance through the provision of a common sales platform for cash, remittances and pre-paid cards; lower operating costs; simpler regulatory compliance and improved business agility. 

Other advantages of the IMX GTS-Retail solution include its ease of use – which simplifies end-user training and change management; its robust reporting tools; its revenue generating features, and integration to GTS-Analytics for real-time visual tracking of trading performance across the business on office displays, laptops, tablets and mobiles.

The new system will also help TMG to meet the requirements of increasingly complex know your customer (KYC) obligations anti-money laundering (AML) laws and AUSTRAC central bank regulations, with close integration to VEDA for checks against various sanctions and PEP lists improving the accuracy and speed of transactions, and GTS-Retail’s ability to generate TTRs and SCTRs greatly assisting compliance reporting processes.

IMX solution streamlines forex regulatory reporting for banks in Common Monetary Area

IMX Software has developed functionality for its GTS Retail solution that streamlines regulatory reporting for financial institutions in southern Africa dealing in foreign exchange. The compliance software enables banks, retail forex bureaus and remittance providers in the Common Monetary Area (CMA) to easily comply with the reporting requirements of their countries’ Financial Intelligence Units (FIUs) and central banks.

The CMA links South Africa, Namibia, Lesotho and Swaziland in a monetary union. Financial services institutions operating in these countries face complex reporting requirements of foreign exchange transactions. The reporting rules are cumbersome to implement and maintain in transactional systems, such as treasury and core banking platforms.

IMX’s GTS Retail point-of-sale software uses the CrossBorder/goAML compliance modules for its own reporting and makes the same functionality available to external systems where reporting is not implemented or where an external rules engine is required to validate transactions.

Validation module

The validation module allows GTS Retail and other third-party systems to obtain fields required for regulatory reporting, validates transactions against the reporting rules and reports on completed transactions. This allows institutions to validate transactions and submit validated transactions, as well as transactions that have not been validated, in batch and real-time.

Transactions previously submitted (whether on-line or batch) that do not pass the rules in the validation module, but that still need to be reported on, are placed in a holding queue. Here, administrators can populate or correct certain fields. A full audit trail of the original transaction and any updates is kept.

Separate modules are used for CrossBorder and goAML reporting, each of which submits reportable transactions to the relevant regulatory authority in the required format. Administrators can correct any errors or omissions on rejected transactions and validate the corrected transactions.

Says Hennie Pretorius, General Manager at IMX Software South Africa: “Growing complexity in foreign exchange regulations means that compliance is becoming costlier and more time-consuming for financial services institutions across Africa. Our platform makes it easier for institutions to comply with evolving forex reporting standards while minimizing the changes they need to make to their core transactional systems.”

IMX Software announces strategic international payments tie-up with Cymonz

Following high levels of demand from its foreign currency trading client base in Europe, South Africa and Australia, IMX has announced a strategic relationship with leading International Payments Platform (IPP) provider Cymonz of New Zealand.

IMX Software announced today that it has agreed terms with Cymonz Ltd to take its industry leading International Payments Platform to market across three strategic and highly active foreign payments markets in Europe, Southern Africa and Australia. The new cloud-based, software-as-a-service (SaaS) offering will target money service businesses (MSBs), banks and other financial institutions looking to introduce, extend or refresh an IPP offering and improve online engagement with its client base to achieve growth.

IMX will provide regional commercial, delivery and on-going technical support on the Cymonz IPP using its existing international infrastructure.

The Cymonz SaaS platform includes a client self-service website and comprehensive back office management with specific currency and international payment business processes, workflow customization and third-party integrations. The IP platform addresses a wide spectrum of international payments needs, including client management, currency transactions, risk management, settlements and global compliance. The SaaS offering increases speed of deployment and lowers operating costs.

Multi-lingual support and a mobile responsive design improve deployment flexibility across multiple markets and increase the convenience of the platform for mobile and tablet users. For customers looking to develop affiliates the IPP can be easily offered to white-label partners to increase currency and payment flows.
Simon Lynch, CEO of Cymonz said; “We are very pleased with the regional tie up with IMX as part of our plans to grow globally. The Cymonz IPP is a complementary extension to IMX’s product portfolio and with its solid presence in key markets, excellent client relationships and experienced senior team, IMX brings important commercial strength to the partnership.”

Bill Tickner, CEO of IMX Software said: “We spent several months evaluating options for a strategic tie up in the International Payments sector and Cymonz quickly emerged as a technology leader. The level of platform maturity coupled with its modernity and flexibility, and extensive out-of-the-box integration with global payments and liquidity providers, will allow IMX to rapidly deploy solutions to key clients in our main operating markets.”