Background:
A leading fast fashion company in Chile, with a growing focus on its Financial Services business, recognized the need to expand its offerings to better serve its customers. To support this strategic shift, the company adopted End-to-End Card Processing for the full lifecycle of its credit card operations, allowing it to offer a seamless open-loop card solution and enable customers to use their cards anywhere.
The Challenge:
The issuer was navigating a transition from legacy systems to a modern, open-loop card platform. This shift was crucial in order to offer clients enhanced flexibility and competitive services that align with current market demands. The challenges were manifold, including the need to:
- Interface with several custom-built systems during the migration to a more robust platform.
- Adhere to local regulatory requirements and MasterCard compliance protocols, ensuring the security of transactions.
- Migrate their closed-loop cards to an open platform in real time, aiming to minimize disruption and maintain customer satisfaction.
Solution Provided:
The eMACH.ai Cards Solution offers a comprehensive suite of modules such as:
- Core Modules: Includes card issuing, fraud early warning system, customer origination, mobile app & web access, digital wallet integration, and secure interfaces for data securitization.
- Credit and Funding Services: Enables loan-on-card functionality with third-party funding, providing revolving credit and enhancing financial flexibility for customers.
- To manage the complex hierarchy within the organization, the solution also provided rights and privilege-based access to internal departments, including Customer Service, ensuring streamlined operations and enhanced control over the issuer’s internal processes.
Benefits:
Through the adoption of comprehensive eMACH.ai Cards Solution, the issuer successfully managed to:
- Seamlessly migrate over 1.4 million cards to the MasterCard model.
- Enhance customer engagement by introducing new channels for interaction, including mobile apps and web access.
- Significantly scale up transaction volumes and refine service offerings to meet modern needs.
- Secure access to MasterCard Endpoints, essential for the issuer’s evolving business requirements.
- Access a Product and Service that are PCI compliant.
This strategic overhaul not only positioned the issuer as a forward-thinking leader in financial services but also marked a significant milestone in its journey towards digital transformation. By leveraging advanced technology to drive growth in the credit card business, the issuer has set a new benchmark for innovation, operational efficiency, and customer satisfaction in the financial industry.
