American Express Foreign Exchange Services (Amex) went live countrywide on 26 March with a system to report cross-border forex transactions according to the reporting requirements of the Exchange Control Department of the South African Reserve Bank (SARB). The system was provided by IMX Software, the global leader in retail foreign exchange solutions.
The SARB`s requirements are based on the need to monitor all cross-border foreign exchange transactions for balance of payments purposes. According to the SARB, the objective was to implement an electronic reporting system to replace the previous system of manually completed forms.
The existing NT-based IMX front- and back-office products were extended to provide the required functionality. "As our South African office is a Development Centre for IMX Australia, the development was done locally," says Susan Harvett General Manger of IMX SA.
Clifton Cockroft, General Manager of Amex said that IMX SA took the entire problem off his hands. "Comprehensive testing was done by the project team and the pilot ran exceptionally smoothly."
All Authorised Dealers in foreign exchange have to comply with the SARB requirements by 1 April this year.
IMX is represented in South Africa by Business Edge Systems.
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