American Express Foreign Exchange Services (Amex) has signed a contract to implement the latest version of IMX Software Australia`s enterprise solution in its 45 Bureau de Change outlets countrywide. IMX is the leading provider of retail foreign exchange software globally. Its South African office, IMX SA, is operated by Business Edge Systems.
In terms of the contract, IMX SA will implement a new back-office system and point of sale software and will manage the entire migration project. IMX SA is a development centre for the parent company in Australia.
"The development of product extensions for Amex will be done in SA according to a design developed jointly with IMX Australia," says Susan Harvett, General Manager of IMX SA.
Amex will use the ISS product, which is a comprehensive Front Office Solution, and the IMX Back Office product for centralised administration and management. The system processes point of sale transactions for international products including: Foreign Cash, Travellers Cheques, Drafts and International Money Transfers.
The new software will provide Amex with real-time consolidated positions and branch stock holdings. "The solution will provide us with the capability to manage our risk exposure more effectively and will give us the flexibility to respond rapidly to movements in this volatile market," says Clifton Cockcroft, Director Foreign Exchange at Amex.
Andrew McDonic, Financial Director at Amex, says: "It is critical to our business that we have local support. In the recent implementation of a solution to meet the Reserve Bank`s new reporting requirements, IMX SA demonstrated a high level of professionalism and service."
The project is already underway and Amex will be live on the new system in September 2001.
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