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 organizations compliance obligations.
An IMX solution eliminates the tedious and error-prone tasks of managing transactions involving travel-related products and services, including cash, travelers cheques, serialized and non-serialized 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
- Centralized position management and stock control, as well as reporting across the whole branch network
The Retail Process:
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 and travellers 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 customers 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 in compliance with the appropriate 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 organisations needs.
An IMX solution offers:
- Robust and sophisticated functionality at a competitive price
- Fast, straight-through processing for settlement and authorization of inventory items additional re-programming
- Complete administration control, allowing for the ability to add new rules and new products instantly without the need for
- Thin client interfaces for low total cost of ownership (no installation required, central administration, reduction in maintenance costs)
- Rapid return on investment through improved business processes
Key Features:
An IMX solution provides a comprehensive system designed to streamline travel finance operations, including the trading of associated travel products, drafts and money transfers. Key features include:
- Multiple language functionality
- Multiple product definitions
- Multiple settlement methods
- Comprehensive management and consolidation reporting (on-demand, end of day, archiving)
- Designed to easily integrate with existing customer solutions (including accounting products such as Sage, Agresso, etc.)
- Limits and trading controls
- Comprehensive archiving
- Electronic sales settlement with T/C issuer
- Agent and third party commission processing
- Compliance and central bank reporting capability
- Operates across multiple Microsoft platforms
Benefits:
The benefits of an IMX solution represent a rapid return on investment, specifically through its capabilities in:
- Fast transaction throughput (servicing the customer quickly)
- Multi-product definition
- Scalability, designed to grow with your business
- Volume and stress tested by many of the largest FX and T/C issuers
- Database encryption to banking standards
- Potential for re-engineering the business through the automation of existing processes
- Ease of use
- Multi-language capability
- Full inventory management of serialized and non-serialized products
Click here to download our Retail FX & Travel Money Product Solutions Overview Brochure now.