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.”

IMX announces full integration with document reader from International Reference Systems (IRS) for rapid, error-free data capture and automated ID verification

IMX Software’s leading GTS-Retail foreign currency, remittance and pre-paid card point-of-sale solution now integrates fully with IRS document readers for the automated scanning of various document types with ID capture enabling the search, retrieval and automatic population of customer data directly into GTS-Retail, without cashier intervention.

Established in The Netherlands, IRS is a pioneer in the field of document security with an extensive online banknotes and identity documents reference database. IRS solutions are not only used by forensic experts, but are also deployed in everyday commercial and retail applications requiring mandatory ID capture.

The document reader is a small footprint scanner for desktop use, connected to the PC via a USB cable. Reliable, convenient and easy-to-use, the reader supports text data recognition, Machine Readable Zone (MRZ) scanning of passports as well as barcodes, whilst determining the validity of a document by checking its security features.

The integration with GTS-Retail works as follows; whilst in the GTS Retail deal screen, the document can be inserted into the scanner at any time. GTS will capture all the text information from the document, as well as an image of the document, which is stored against the customer profile.

GTS will then determine if the customer already exists in the database, and if so, it will retrieve the customer’s profile. If the customer does not exist, it will then create a new customer profile and pre-populate customer and identification fields with the information from the document.

An image of the entire document will be saved against the customer’s profile and the document will be verified via its security features, which requires a subscription to the IRS documents database.

All customer profiles and scanned document images can be accessed via any branch in the network and centrally from the back office. In addition, the cashier will be alerted if a customer document is nearing expiry or has expired.

Marijan Miocic, IMX Software’s Product Director commented; “With this integration we expect to significantly speed up transaction processing times via the elimination of manual keying with a resulting improvement in data accuracy. It will also significantly reduce duplication of customer information and, of course, we expect our clients will see a reduction in fraud risk from fake identity documents, as well as staying ahead of increasingly stringent regulatory compliance requirements. In addition, combined with our recently announced ComplyAdvantage integration, our clients can automate sanctions and PEP checks within this scanning workflow.”

About IRS

Established in The Netherlands, IRS is a pioneer in the field of document security with their extensive online banknote and identity document reference databases. Its solutions are not only used by forensic experts using all detailed security information but also in day to day trade in the commercial and retail environment. For more information: www.internationalreferencesystems.com

IMX and multi-award winning ComplyAdvantage partner for Sanctions & PEP screening

Changes to Global Financial regulations will force currency exchange providers to better uphold sanctions and PEP screening against customers – or risk heavy fines and reputational damage. To meet that 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 Money Service Businesses (MSBs) using GTS meet their statutory obligations and prevent breaches of sanctions.

For example, in the UK, since April 2017, all businesses have a duty to uphold financial sanctions or face financial penalties of up to £1m. The Policing and Crime Act 2017 also makes provisions for jail sentences of between 2 and 7 years in some cases. “The penalties for breaching international financial sanctions are particularly punitive,” said IMX Product Director Marijan Miocic. “The risk of being handed a substantial fine because cashiers cannot access the relevant sanction registers quickly and efficiently is a very real prospect under the new law.”

New integrations within the GTS ComplyAdvantage module allow MSBs to check customer details against 28 different global sanctions and watch lists, e.g. OFAC, HMT, EU, UN, DFAT. Powered by Artificial Intelligence, the ComplyAdvantage database can incorporate all global Sanctions updates within 15 minutes, meaning IMX clients can be sure nothing slips through the net. They can also quickly ensure any customer is not listed on four Politically Exposed Persons (PEP) lists classified according to the Financial Action Task Force (FATF), an intergovernmental organisation formed by the G7 to tackle money laundering.

“By embedding information about sanction listings in GTS, cashiers are empowered to make informed decisions about every transaction,” continued Miocic, “Every search generates a list of matching names, addresses, aliases and dates of birth, allowing the cashier to quickly identify the customer, and whether they are sanctioned from making foreign currency purchases. ComplyAdvantage not only delivers information about financial sanctions, but also provides an easy to use case management system  to record the decision-making process for use in the event of a government investigation. Cashiers can immediately abandon the deal when a customer fails the identity check. Or they can complete the transaction and create an exception note in the system to explain their decision.”

With GTS Retail & ComplyAdvantage, MSBs are able to:

  • Stay compliant with changing Sanctions, AML/CTF regulation including the EU’s Fourth Money Laundering Directive (MLD4)
  • Digitize and automate manual KYC & AML processes
  • Increase efficiency with tailored risk-based screening and monitoring to reduce unnecessary false positives by 60-84%
  • Advance sanctions screening with powerful “fuzzy matching” search capability that allows more accurate screening and reduced false positives
  • Specify value of deal for checks, e.g. only check for deals > $2,000 or check for all deals
  • Specify which sanctions/watch lists to check
  • Audit whether a check was performed against deal
  • Records whether a customer was a positive hit
  • Tailor workflow in event of a positive hit, e.g. block deal, dual authorization for deal to proceed, display warning message
  • Be notified with proactive alerts as soon as changes to sanctions and watchlists are recorded
  • Access a browser based Case Management tool for Compliance Officers in Head Office

The ComplyAdvantage module is a subscription-based service available to any customer using GTS Retail. Fees are based on pre-agreed unique search volumes and include whitelist capabilities.

For further information, visit complyadvantage.com.

IMX Software’s GTS-Retail conforms to unique French regulations

French regulations for licensed Money Service Businesses insist that cash transactions have unique consecutive deal numbers separate from Pre-Paid Cards, Sundry Items or branch to branch transfers. IMX Software, in conjunction with long term customer ChangeGroup with several bureaus across Paris, has implemented a change in GTS to meet these specific regulations. This was a challenging technology development for the IMX team working closely with ChangeGroup’s French team and the London head office, as no other national regulator has similar precise requirements. Several reports also had to be upgraded to meet this change. ChangeGroup successfully deployed the solution into production and is now fully compliant with this unusual regulatory anomaly.

 

GTS-Retail de IMX Software répond à une réglementation Française unique.

 La réglementation française pour Bureau de Change insiste sur le fait que les transactions en espèces ont des numéros de transactions consécutifs uniques distincts des cartes prépayées, des articles divers ou des transferts de succursales à succursales. IMX Software, en collaboration avec notre client de long terme ChangeGroup qui a plusieurs bureaux à Paris, a mis en place une modification de GTS pour respecter ces réglementations. Il s’agissait d’un développement technologique difficile pour l’équipe IMX travaillant en étroite collaboration avec l’équipe française de ChangeGroup et le siège social de Londres, car aucun autre régulateur national n’avait les memes exigences. Plusieurs rapports ont également été mis à jour pour répondre à cette modification. ChangeGroup a déployé avec succès la solution en production et est maintenant entièrement conforme à cette anomalie réglementaire.

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