Case Study: Fintech bank

The right choice for the future of banking

Supporting a Fintech bank with Dynamics 365 Business Central. City Dynamics delivers a flexible and comprehensive Business Central solution to launch a UK Fintech bank within a tight timeframe and enable long-term growth.

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Fintech bank

Our client

Our client is a start-up Fintech bank serving the UK’s SMB market, which they identified as being unsatisfactorily served by the four major UK banks. Their bank is part of an AIM listed group and their ethos is to combine a human touch with leading technology.

Challenges

The bank approached City Dynamics requiring a modern general ledger system to form a key part of their Fintech banking operations. They needed a flexible solution that would enable and support business growth for the long term, rather than just for the bank’s launch.

 

Ultimately, they were looking for a partner that was the right choice for the future and could fully support their agile approach to building and running a new bank. They also wanted City Dynamics to work closely with their banking partner (Mambu) to integrate the solution.

Solution

City Dynamics built and implemented a system based on Microsoft Dynamics Business Central (BC SaaS) with a complete suite of general ledger, accounts payable (including automation), fixed assets and expenses capabilities. The system was fully integrated with Mambu, the client’s banking platform. 

 

The project was completed in a phased approach: 

 

  • Phase 1: General ledger and accounts payable (AP) solutions
  • Phase 2: Integration and build
  • Later phases: 
      • AP automation 
      • Expenses 
      • Building finance team roles and functions

 

City Dynamics also provided regulatory reporting support, a complete data migration, and a fully automated Making Tax Digital (MTD) system. The project was successfully completed to meet tight banking licence deadlines and rigorous testing mandates were used to prove the integrations and design.

Benefits

Upon successful completion of the project, the bank could launch in the agreed timelines according to their banking license and effectively fulfil: 

 

  • Banking to general ledger transactions
  • Regulatory reporting
  • MTD returns from Business Central

 

In addition, thanks to the fully-digitised expenses system provided by City Dynamics, the bank’s account managers could submit their expenses online for prompt repayment.

Unrivalled expertise

For this project, the City Dynamics team drew on our wealth of banking knowledge and expertise, especially in the following areas:

  • General ledger systems
  • Bank reporting design in Business Central to support the bank’s reporting structure
  • Banking regulatory systems
  • Integrating Business Central with banking platforms (such as Mambu) 
  • Incorporating regulatory reporting within BC.
The client was delighted their bank could launch on time to meet the Bank of England’s banking licence timeframe.

The future

The bank is owned by an AIM listed company that has decided to move the whole group onto Business Central with City Dynamics’ support.

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