May 2010

Sikhona Forex, a recently licensed Authorised Dealer in Foreign Exchange with Limited Authority (ADLA), has rolled out the Travel Money Exchange (TMX) Online solution from IMX Software as the platform for its growing retail foreign exchange business. TMX is sold, implemented and supported by Business Edge in South Africa.

Sikhona Forex opened its first branch at uShaka Marine World in Durban on 30 April 2010. The company services corporate customers and tourists with retail foreign exchange services. It has worked closely with Business Edge throughout the implementation of the system, through to approval of its operations by the South African Reserve Bank.

Says Tariku Bogale, CEO of Sikhona Forex: "When we were looking for a system, we knew that we needed one that provided more than point of sale (POS) functionality - we wanted a solution that would be a solid bedrock for our business.”

"In TMX Online, we found a solution that provides us with full centralised control of our operations as well as an integrated module that streamlines reporting of transactions to the Reserve Bank. The solution offers international best practice, paired with local support and understanding of the South African environment from Business Edge."

TMX Online is a web-based POS application that automates many of the manual tasks traditionally associated with international currency exchange. It processes POS transactions for serialised and non-serialised products such as foreign banknotes, travellers' cheques, overseas drafts and international money orders.

Because it is a browser-based solution, TMX Online offers low support and maintenance costs and can be quickly rolled out to any new branch that Sikhona Forex establishes in the future. A full range of management and reporting tools will enable Sikhona Forex to centrally manage and track inventory, products, fees and rates, no matter how big its branch network becomes.

Says Bogale: "TMX is a mature product that has rich functionality, low support costs and good ease-of-use. It enables us to automate processes, offer fast transaction times, and offer better customer service than we could using a custom-developed solution."

Says Hennie Pretorius, Banking Business Unit Director at Business Edge: "TMX Online is used by many leading banks and retail forex providers, in South Africa and the rest of the world, to manage their businesses. New forex retailers, unencumbered by legacy systems, are turning to packaged solutions such as TMX Online because they offer a low cost of ownership and allow them to build their businesses on international best practices."