Credit Card Lifecycle Management (CHAKRA)

Credit Card Lifecycle Management

MAXIMUS offers a product for managing the entire life cycle of credit cards. Banks can seamlessly manage the credit card operations with this product. Credit Card Life Cycle includes different modules for Customer Registration, Documents Verification, TDSR Calculation, Credit History Check, Card Limit Approval & Billing Process. System also generates reports such as Card Status Report, Transactions Report & Billing Report.

This is a one stop solution in which banks can issue credit cards based on customer credit history and other parameters, documentation, KYC of customers etc. and then once the credit cards are issued, the transactions and the bill payments patterns are tracked. It is a highly parametrized product, where banks can change the values of the parameters to meet the requirements and meet the demands of credit card business. This product could also be integrated easily with any third party or MAXIMUS Loyalty program management.

Customer Registration
In the customer registration process, applicant’s personal, official and income details are captured. Required documents include Income Proof, SIN Proof, Address Proof & Official Details. Applicants are filtered based on his/her previous card usage history. Applicants are also filtered if they don’t meet the eligibility criteria such as age limit, income limit, TDSR limit etc.

Credit History Check and Limit Approval
User credit health history, rating & approved limit is provided by the credit bureau. It also provides the facility to set manual credit limit. Credit history is retrieved through an API to credit bureau using the SIN.

Card Generation
Credit Card Lifecycle Management System is integrated with the MAXIMUS Card Management System – CARDE for generation, issuance & management of credit cards. After credit card approval, status is maintained for each milestone such as status of the file shared with card vendor for card printing, status of card dispatch and status of receipt of card by customer.

Billing
During the billing cycle, any purchases, credits, fees, and finance charges are posted to customer’s account and added or subtracted from the balance. At the end of the billing cycle, customer is billed for all unpaid charges and fees made during the billing cycle. Customer’s next billing cycle starts with the unpaid balance at the end of the previous billing cycle.

Dashboards & Reports
Reports are generated for both approved & rejected cases. Status of application can be viewed at every stage of credit card life cycle management. Email communication can be sent to customer regarding the status of application after very module. Various dashboards & reports are generated for customer registration, card generation status, transactions & billing. Dashboards & reports can be generated as per bank’s requirement.