IMX, a banknote trading and travel money technology solutions provider, has entered into a trial with P&O Ferries, the UK’s cross-Channel shipping line. The trial will see IMX’s point-of-sale (POS) solution deployed onboard P&O’s ferry, The Pride of Canterbury, to manage its foreign currency transactions.
IMX’s POS system has online-offline capability which will allow the foreign currency bureau onboard P&O Ferries’ ships to trade more effectively when out at sea where there is no internet connection available. An uplink capability allows transaction information being sent from shore to ship and vice versa to be held locally in a queuing system until the ship reaches an area where it can connect to the internet.
Previously, P&O Ferries had to manually send all transactional and stock position information paperwork back to shore where the head office would have to manually re-key this same information into their back office systems. The same applied to foreign exchange (FX) rates, which can now be automatically updated as soon as the ship is able to obtain a data connection to the internet. This automated connectivity allows the head office better control over FX rates, thereby maximising revenues.
Joe Ciantar, head of financial services at P&O Ferries, said: “We are delighted to have finally found a partner to provide the online-offline capability that we had been searching for. Working with IMX Software will allow our on-board foreign exchange bureau to operate more efficiently, saving our staff time and delivering a better service to our customers. The Pride of Canterbury is one of our busiest ships so the potential benefits are very large.”
P&O Ferries plan to roll out IMX’s POS system aboard all of its 21 ships that sail on international routes after the initial trial period.
A report by broking group Marsh examines the repercussions from the administration of the South Korean company, which filed for bankruptcy protection at the end of August.
Global research by C2FO suggests that smaller businesses are less concerned with the repercussions of Brexit and the upcoming US presidential election.
A squeeze on skilled talent means it now takes an average of seven weeks to fill open permanent roles in finance in the UK according to new research from financial services recruitment firm Robert Half.
Early-stage merger and acquisition deals in Asia-Pacific show nearly 10% year-on-year growth in recent months.