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.”

IMX Software announces successful annual retail client conference in London

IMX Software is pleased to announce that participation at this year’s retail client conference was well ahead of expectations, with representatives from major international retail and wholesale money service providers as well as several industry partners that contribute to its market-leading, end-to-end travel money technology solutions, including a new International Payments Platform partnership.

Held at London’s Kia Oval, the home of Surrey Cricket, with over 70 industry participants, the conference featured senior keynote presentations from Fraser Millar, Group Head of Product Strategy for Thomas Cook Financial Services; Andrew McDonic, CEO of American Express Foreign Exchange and Nick Haslehurst, CFO of Moneycorp.

All the senior keynotes provided valuable insight into the significant productivity improvements achieved by moving to GTS-Retail as well as illustrating how IMX’s unique product-service delivery has assisted each business in efficiently managing an increasing regulatory burden.

IMX used the conference to launch a new strategic partnership with Cymonz, a New Zealand-based International Payments Platform (IPP), which will be marketed, delivered and supported by IMX in Europe, sub-Saharan Africa and Australia.

In addition to corporate and GTS product investment updates from the IMX senior team, several partners vital to the travel money eco-system presented how they add value to IMX’s solutions including Moneygram remittances, International Reference Systems (IRS) banknote validation and ID verification systems, Tuxedo prepaid cards and Consumer Intelligence market and customer experience research services.
IMX’s senior team extends its thanks and appreciation to all the external presenters for their assistance in creating a stimulating and informative agenda. Based on the overwhelmingly positive feedback received from the conference attendees, we look forward to getting our customers and partners back together again in 2017.

Central Bank of Zambia contracts IMX to implement system to monitor foreign exchange transactions

Central Bank of Zambia contracts IMX to implement a country-wide, real-time system to monitor foreign exchange transactions.

IMX Software announced today that it has concluded contracts with Bank of Zambia for the implementation of a centralized, real-time system to monitor foreign exchange transactions processed by all licensed bureau de change operators across Zambia.

Driven by mounting concerns about money laundering, the Bank of Zambia has identified the bureau de change industry as a preferred channel for clearing the proceeds of criminal activity. As a service industry, bureaux de change sales offices inevitably deal with walk-in customers and have limited resources and tools to carry out rigorous customer verification. To-date the most effective way of managing the risks associated with money laundering in the sector has been to impose a limit on the value customers can transact per day through a single bureau de change location. This approach, however, has a number of shortcomings due to its manual nature.

Bank of Zambia has chosen IMX to provide an automated system to track bureau de change transactions as they occur. To meet this requirement, IMX will implement its GTS-Retail Hub software in the Bank of Zambia’s head office in Lusaka. This will be connected to GTS-Retail Point-of-Sale software installed in every branch of every bureau de change company operating throughout Zambia. Bank of Zambia surveillance officers will be able to monitor trading activity across the entire industry from a computer, tablet or smartphone. The solution will include sanctions list screening, suspicious transaction reporting and cash threshold reporting.

This initiative will provide the bureau de change companies with IMX’s industry-leading retail foreign exchange system with all the customer service improvements, administrative efficiencies and controls inherent in a modern point-of-sale solution. In addition, the unique Business Continuity Mode provides an offline capability that allows tellers to keep serving customers during periods of network downtime with no loss of transactional data for centralised surveillance purposes.
Rob Stansell, Managing Director of IMX in South Africa, says: “The Bank of Zambia deployment is a new and innovative approach for the industry and in due course we expect to apply our expertise in delivering this new industry model to other developing markets that are subject to similar know-your-customer and anti-money laundering pressures that are demanding reforms to trading and regulatory reporting practices”.

IMX Software announces a new nationwide UK managed services deal with Thomas Cook

IMX Software announces a new nationwide UK managed services deal with Thomas Cook for the new generation GTS-Retail point-of-sale system for travel money, pre-paid cards and money transfers.

IMX Software announced today that it has fully implemented a GTS-Retail point-of-sale managed service across nearly 800 Thomas Cook stores following an intensive six-month project to replace a legacy solution prior to the summer peak trading period.

The primary benefits Thomas Cook expects to obtain from the IMX solution are enhanced transaction performance, lower operating costs, simpler regulatory compliance and greater change management agility. The system will help the company meet the increasingly complex requirements of know your customer (KYC) and anti-money laundering (AML) laws and regulations.

In late 2015 IMX won the competitive tender for the replacement of Thomas Cook’s legacy point-of-sale and back office administration system used to sell high volumes of foreign currency, pre-paid travel money cards and money remittance services across the UK. GTS-Retail’s close integration with MasterCard processes significantly improves the customer experience through faster transactions, and gives Thomas Cook an enhanced Multi-Currency Cash Passport product offering.

The software-as-a-service contract was awarded to IMX due to the superior modernity, scalability and flexibility of its new GTS-Retail system, which will be delivered as a managed service from an exclusive, high-specification UK hosting environment. The tender process took place during 2015 with all vendors asked to prove their capability around product performance, remittance integration, efficient trading workflow, systems integration flexibility, availability of self-help reporting services, project delivery and service quality.

Thomas Cook also placed significant emphasis on the longevity of the product, taking the view that the technology foundations needed to be relevant for the next decade. IMX’s recent five-year product investment programme placed GTS-Retail significantly ahead of the competition in this strategic category.

Other advantages of the IMX GTS-Retail solution include its ease of use – which simplifies end-user training and change management; its robust, self-configurable reporting tools; and its revenue generating functions such as product upsell and buy-back guarantee.

Integration of the platform with global sanctions lists (such as those from OFAC, Bank of England, EU and the UN) simplifies transaction-level KYC checks, while the ability to upload scanned documents into client KYC profiles drastically reduces transaction times for repeat customers.

IMX Software’s GTS streamlines remittance transactions for MoneyGram agents

IMX Software has integrated its Global Trading System (GTS) with the MoneyGram platform and is now live with a high profile international travel money operator. The integration will enable any forex retailer with a MoneyGram agency to process remittances more efficiently and with fewer errors.

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 reduce the time needed to process a remittance by 66% or more, when combined with a forex sale, 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 process MoneyGram remittances using the same platform they use for all other sales transactions. Tellers won’t need to learn a new user interface for remittances or log into a separate system, saving time by significantly reducing re-keying of data.

In addition, they will no longer need to re-capture data about remittance transactions and customers in their point of sale system, saving time and reducing manual errors. In certain jurisdictions, such as South Africa, straight through processing from a single source system is a regulatory requirement and is fully supported today by GTS-Retail.

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 MoneyGram transaction types:

  • Send (cash to cash or cash to account)
  • Receive
  • Amends
  • Refunds

Says Marijan Miocic, Product Director at IMX Software: “Our clients are experiencing strong demand from customers who want secure and affordable ways to send & receive money across borders and make global payments. Due to globalisation remittances are expected to amount to more than $601 billion in 2016, according to World Bank forecasts. Our aim with the MoneyGram integration is to make it simpler and more efficient for our clients to process and report remittances.”