IMX offers a flexible range of solutions for foreign exchange retail sector businesses, from the stand alone bureau-de-change, to large travel and banking operations. The range also includes sophisticated anti-money laundering software that meets organisations compliance obligations.
An IMX solution eliminates the tedious and error-prone tasks of managing transactions involving travel-related products and services, including cash, prepaid cards, serialised and non-serialised stock, money orders and foreign banknotes at the point-of-sale. It achieves this by:
- Providing powerful inventory control management
- Fulfilling orders for exotic currencies via third party suppliers
- Increasing revenues through enhanced functions such as up-selling, buy-back guarantees, etc.
- Trading and tracking travel money products through key functional processes
- Adhering to audit and compliance requirements set by market regulators
- Centralised position management and stock control, as well as reporting across the whole branch network
An organisation may sell retail FX through a variety of channels, generally categorised as stockist or non-stockist/mail order. Stockist outlets include bank branches, travel agents, supermarkets, department stores and Bureaux de Change – any outlet where a stock of foreign cash, prepaid travel cards and traveller’s cheques is held on-site for immediate fulfilment of a customer’s order. Non-stockist channels include internet sites for home and corporate use, call centres and physical branches which don’t hold stock. These types of outlets generally capture the order details from the customer and organise for the foreign exchange to be collected at the branch or delivered to the customer’s address the following day.
Whichever channel is used to process an order, it is important that all relevant anti-money laundering checks are part of the process, to ensure that an organisation is compliant with the appropriate global and local regulations.
IMX also enables the back office system to feed directly into the retail process to provide centralised management of the entire branch operation, everything from setting exchange rates to reporting on profitability. IMX’s point-of-sale and online trading systems provide flexible and integrated solutions for all of these channels, working either individually or together to cover all of an organisation’s needs.
For our latest opinion piece on multi-channel retail travel money strategy click here.