A tailor-made solution

A tailor-made solution

Crimsonwing delivered a customised Dynamics NAV Enterprise Resource Planning solution to Insignia Cards Limited, a financial institution and credit card issuer. The aim of this solution was to assist in Insignia’s day-to-day business operations.

Dynamics NAV had to be configured and customised to meet the client’s financial processing and business requirements. It needed to be integrated with a third-party credit card management software, a web application to collect customer details, and a bank management system. It was necessary that these bespoke changes complement the MS Dynamics NAV out-of-box functionality and ultimately meet the client’s needs.

Insignia Cards Limited is a limited liability company incorporated in Malta and is licensed by the MFSA to undertake payment services and to issue electronic money. In May 2013, Insignia became a principal member of Visa and has since launched various credit card products on the market.

The company issues the Yes Money Card, the Yes Money Visa Card and the Valletta FC Card locally, all with their own innovations and benefits. Insignia Cards Limited also operates the Yes net merchant services enabling Yes net merchants to accept payments by customers made with the Yes money card.

Insignia also recently leveraged the group’s experience and expertise in lifestyle management services to launch the Insignia Platinum Cards. There are two cards: the Insignia Platinum Card for consumers and the Insignia Platinum Business Card tailored for business use. Luxury lifestyle services are currently offered to ultra-high net worth individuals predominantly in Europe, but also in the US and Asia. Being an Insignia Platinum cardholder means immediately benefitting from 24/7 bespoke concierge services, VIP travel benefits and more. Insignia also plans to launch further credit cards in the future.

Prior to launching operations in Malta, the client wanted a system which could reliably manage all facets of customers’ financial transactions, while also facilitating processes involved in operating a 24/7 call centre.

Insignia Cards Limited required the creation from scratch of a robust in-house IT solution, capable of supporting the daily running of a financial institution. It was also important that this system be flexible, so as to allow further integration with third-party software and web applications.

Integration with third-party software was of great importance to Insignia, since it needed to have data available within easy reach, as this allows it to monitor day-to-day performance and take the decisions required to run its business successfully. Insignia also expressed the need for data integration between the bank management system and MS Dynamics NAV, to support data population on both systems using the internet banking facility.

Microsoft Dynamics NAV 2013 is a complete ERP solution ideal for mid-sized companies, particularly those with a comprehensive financial management functionality, like Insignia.

Prior to starting the project, Crimsonwing consultants met with Insignia officials to perform a fit-gap analysis and tailor a solution that would reflect the day-to-day business of a company operating in the credit card industry.

Through integration with third-party software, the system supports posting of accounts receivable and accounts payable transactions to the general ledger, according to the rules defined in Microsoft Dynamics NAV.

Insignia intended to use the standard additional reporting currency functionality available in Dynamics NAV, allowing general ledger bookings and reporting tools to use data recorded in the local functional currency as well as one other desired currency. The latter option facilitates the issuing of final accounts - income statement and the statement of financial position, as well as any other management reports to be presented to the board of directors and the local authorities.

Crimsonwing also provided Insignia with an enhanced customer relationship management module, designed to meet call centre needs for handling clientele requests. This module allows an agent to record customer enquiries and elaborate on cardholder transactions when a client calls in. The information is available at one’s fingertips and can be provided to a credit card holder, depending on client specific security levels.

The MS Dynamics NAV system was integrated with the financial software application used for credit card transaction processing. Visa and closed-loop credit card transactions are imported daily, or on demand, to MS Dynamics NAV and booked into pertinent general ledger and sub-ledgers, in order to reflect customer purchases and payments, as well as commitments to merchants. This was the only way to guarantee up-to-date information.

The integration between MS Dynamics NAV and a local bank management system has been developed to ensure smooth data export and import, in order to fulfil the accounts payable and accounts receivable management requirements. MS Dynamics NAV was also customised to meet the single euro payments area, direct debit and SEPA credit transfer layout and data regulations for the final upload onto the Insignia bank system using the internet banking facility.

The solution fits Insignia’s business requirements and reports balances at credit card, customer account and customer levels. The hierarchical client account structure not only ensures data consistency across MS Dynamics NAV, but also establishes a balance between the needs of the call centre and those of the finance department.

Integration with the financial software application, bank management system and web application facilitates data collection and ensures correct records creation and bookings into MS Dynamics NAV. It also allows for the monitoring of financial indicators as well as management of customers’ enquiries.

“We trusted the Crimsonwing consultants and developers and the solutions provided to achieve the final implementation from the very beginning,” Ephrem Pisani, Insignia Cards Limited chief information officer, said.

He went on to say that it was evident that all parties at Crimsonwing have a sound knowledge of the solution possibilities to cater for Insignia’s specific needs, together with the experience needed to implement this intricate project. The project was delivered on time.

“We had constant communication with the team at Crimsonwing, as well as immediate support on arising queries or issues,” Mr Pisani said.

“Crimsonwing surpassed our expectations. We are satisfied with the efficiency of a knowledgeable team and their ability to implement the system, according to our evolving requirements, within the defined timescale,” he concluded.

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