IMX’s banknote trading solution goes live at major global travel money provider

17 December 2012

IMX Software, the global leader in banknote trading and travel money technology solutions, has announced that a major multinational client has gone live with the banknote Trading module of the new IMX Global Trading System (GTS).

The client is a global travel money provider that manages banknote trades valued at hundreds of millions of dollars each year. The new solution, which is hosted by IMX, replaces an in-house developed legacy system that was no longer flexible enough to support the organisation’s changing operational and compliance needs.

GTS Trading will provide the money provider with a standards-based, future-proof system that will enable it to meet the demands of regulators, improve efficiency and productivity and enhance organisational agility.

The project took 24 months to complete due to the complexity of new features required to streamline operations and increase order processing capacity, as well as the rigorous testing needed to mitigate the risks inherent in replacing an operational system supporting significant daily banknote trade volumes and multiple blue-chip retail clients on two continents.

GTS is a suite of modular, integrated software products that increase operational efficiency and reduce costs and risk for businesses in the banknote and precious metal trading, retail currency exchange, and travel money markets.

The six configurable GTS modules address the varying processing and control demands of wholesale banknote trading, managing cash inventory and distribution workflow, running retail branches and bureau de change, and supporting online and mobile consumer ordering whilst monitoring business performance in real time across the banknote supply chain and meeting stringent international regulatory and Know Your Customer controls.

The Trading module is the second component of the GTS solution that the global travel money provider has deployed as part of a multi-year systems modernisation project. In 2010, it went live with the GTS Distribution module to manage banknote inventory and order processing across multiple cash centres worldwide.

Says IMX CEO Bill Tickner: “We have invested several million dollars developing the GTS suite over the past four years, and the result is a specialist, modular product that addresses the unique needs of an industry ready to move on from expensive and restrictive legacy software to more flexible solutions that meet the twin challenges of complex regulatory change and lower operational costs.”
“Today in GTS we have a modern product built entirely on Microsoft’s .Net suite that allows clients to replace ageing, expensive internal solutions with a specialised off-the-shelf product that has twenty years of banknote and travel money industry experience built-in.”

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