JOHANNESBURG--Standard Bank in Malawi said Tuesday it selected the TMX (Travel Money Exchange) online solution from IMX Software to serve as the retail foreign exchange platform for its newly established Bureau de Change operation.
IMX Software is the global leader in banknote trading and travel money technology solutions.
In a statement to MaraPost Business, the bank said it decided to set up a retail foreign exchange business in Malawi in response to the introduction of a flexible exchange rate regime. Standard Bank wanted a solution that was purpose-built for the retail forex industry, could be implemented quickly and that would be easy to use.
After searching the market for a solution, Standard Bank Malawi opted for TMX-online because it offered rich functionality that would support the bank’s goals of offering excellent customer service and achieving a high level of operational efficiency.
“We wanted a dedicated bureau de change solution because we knew that a standard core banking system could not provide the specific functionality to meet our needs,” says Standard Bank Bureau de Change manager, Roselyn Thupa. “TMX-online eliminates manual, error-prone tasks of managing transactions, allowing us to run a streamlined operation that is fully compliant with Malawi’s forex laws and regulations.”
TMX-online automates transactions involving travel-related products and services, including cash and travellers cheques. As a browser-based solution, support and maintenance costs are lowered and the software can be quickly and easily rolled out to any new branch with a PC and an Internet connection.
Standard Bank Bureau de Change, an independent company owned by Standard Bank, currently operates offices in Blantyre and Lilongwe. The TMX-online solution gives it the ability to maintain real-time, centralised control of its branch network without sacrificing flexibility at the branch level. Head office has visibility and overall control, but the system also provides the flexibility to change rates at branch level for certain transactions. TMX-online also gives the bureau de change the ability to offer competitive rates, depending on customer profile.
TMX-online’s centralised position monitoring is a critical piece of functionality as it gives the company the ability to know exactly what its overall foreign currency exposure is at any time. The suite also provides a full range of management and reporting tools for easy management and tracking of inventory, products, fees and rates.
Says Hennie Pretorius, General Manager at Business Edge: “TMX-online provides a solid foundation for Standard Bank’s growth in the foreign exchange market in Malawi.”
The solution was implemented and rolled out by Business Edge – a wholly-owned subsidiary of IMX.
---©2012 The Maravi Post.