Standard Bank implements IMX wholesale currency system
07 January 2008 | 3542 views | 0
IMX, the world's leading supplier of banknote trading and travel money technology solutions, today announced that its comprehensive wholesale currency system (WCS) has been chosen by Standard Bank, one of South Africa's leading financial institutions.
IMX Software to Deliver Savings to Standard Bank
South African Bank's Foreign Note Trading Unit is implementing solution to increase internal efficiencies
The software will manage the trading and distribution of banknotes to provide more visibility into, and control over, transactions, inventory and profit.
The solution will be implemented with the bank's trading systems by local experts, Business Edge, and will enable Standard Bank to automate the dealing room, inventory and back-office areas. It will also enable the bank to consolidate all wholesale currency services operations relating to banknotes.
Jon Newbery, CEO at IMX Software comments: "Our focus on developing solutions for the travel money and foreign exchange markets means we offer a best-of-breed product that matches the real-world needs of banks today. Our solution will ensure that this bank can operate at the peak of its efficiency and provide a service its customers appreciate."
Says Hennie Pretorius, Director of the Banking Business Unit at Business Edge: "This deal builds on a long-standing relationship between Standard Bank and Business Edge. We are confident that this system will deliver the benefits the bank is looking for".