IMX launches SaaS-based FX POS service

Source: IMX Software

IMX Software, the global leader in banknote trading and travel money technology solutions, today announced a mission-critical Point-of-Sale (PoS) service that will enable its customers to launch a full-scale Foreign Exchange solution that is hosted and managed remotely.

IMX has licensed the application to customers for use as a service on demand. IMX will provide application hosting, maintenance and comprehensive support to help customers save money during challenging economic times. In a recent report, IDC predicted that Software as a Service (SaaS) will grow during 2009 by 40.5%. They predict this is due to the harsh economic climate accelerating the growth prospects for the model as vendors position offerings as right-sized, zero-CAPEX alternatives to on-premise applications[1].

IMX currently provides its Anti Money Laundering (AML) solution as SaaS to The Change Group, one of the world's leaders in money exchange. Flight Centre, Australasia's best known travel agency group is also currently implementing IMX's PoS and AML solutions into its Travel Money Division, which will be fully managed as SaaS by IMX in the UK, supporting several hundred Australian branches.

In addition, Midlands Co-Op Travel is using the IMX SaaS in the UK. As the number one independent travel agent in the Midlands, with over 120 High Street outlets across the region, it recognised that an enhanced system would not only increase the functionality and accountability of their service, but also provide a genuinely improved FX facility to their extremely loyal customer base.

David Haywood, Foreign Exchange Manager at Midlands Co-op Travel commented, "Using software as a service is a very cost-effective way to roll out a system. We have been working with IMX to reduce infrastructure costs and support costs. We needed a timely, cost-effective solution that was easy to upgrade to additional branches as we see the benefits of the system."

Tim Shaw, Global Product Manager at IMX, said, "We believe that our customers want a fully hosted SaaS for Foreign Exchange. They need something that is easy to update, has centralised managed control and is simple to roll out at a low cost. The success we have seen to date with this service is testament to the desire for those dealing in the financial travel sector to increase efficiencies. It is our intention through our current partners and those we are in negotiations with, to expand this service globally."

IMX partners with major currency and travel money product providers and its SaaS solution integrates with external accounting systems, to allow foreign exchange facilities to report sales and inventory positions in real-time. It also interfaces with third-party supplier systems for the delivery of products such as cash, prepaid cards and travelers cheques.

IMX's Anti Money Laundering (AML) functionality is integrated into the SaaS offering, which ensures that organisations have the capability to comply with Know Your Customer (KYC) guidelines. Clients can also manually update the solution without any specific programming expertise to reflect any change in regulations or guidelines.

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