November 2009

Tower Foreign Exchange reports that it has been able to streamline its business processes and improve customer service following its successful implementation of the TMX (Travel Money Exchange) online solution from IMX Software.

IMX Software’s products are supported and implemented in Southern Africa by Business Edge. IMX is the global leader in banknote trading and travel money technology solutions.

The retail forex company implemented the solution to automate and centralise management of its bureaus throughout South Africa. Since the solution went live, it has delivered a wealth of benefits to the organisation, its end-users and its customers, says Yvonne Nxumalo, Chief Operating Officer at Tower Foreign Exchange. "The TMX online solution is a real-time, secure, reliable and effective system for our business."

"Our consultants at our bureaus have praised the system for its ease of use" she adds. "They no longer need to upload daily rates manually because the system updates them automatically online. The system also reduces processing time and ensures accuracy by guiding them step-by-step through every transaction."

With TMX Online, Tower is now running a single central customer database, which means that each customer's details only need to be captured once and can then be shared among all branches. This saves time for, and provides convenience to, Tower's consultants and the company's customers.

The system has a built-in discretionary allowance check, that allows consultants to ensure that customers do not exceed their limits, as well as rigorous security features that protect Tower's information assets without slowing down consultants as they do their jobs.

At head office level, Tower management now has a clear and up-to-the-minute view of its positions across all branches, says Nxumalo. Head office has access to real-time information and reports about stock, transactions and figures at each branch without needing to request them. As a result, branches no longer need to upload end-of-day balances to head office.
Branch stock data such as travellers' cheques and cash passports can be uploaded directly from the head office system before inventory is dispatched to branches, eliminating the need for the branch to recapture the information.

As a browser-based solution, TMX online offers low support and maintenance costs, coupled with fast and easy deployment to any new branch providing it has a PC and a data link installed.

Says Hennie Pretorius, Banking Business Unit Director at Business Edge: "A centralised, real-time system based on modern technology can provide immeasurable business benefit to a retail forex operation that is still using legacy systems. Better visibility into the business, enhanced customer service and more efficient and accurate branch business processes are just some of the benefits that the TMX online solution offers."