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:

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

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:



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

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 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

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 ( 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.”