On 24 hours’ notice, deliver a detailed view of the deposit base, including depositors, customers, and beneficiaries across all deposit systems and third-party managed accounts in four mandated FDIC Part 370 tables:
Information for deposit accounts held directly or via a third party
One entry for each customer across the deposit base
Information on all account beneficiaries, participants, official custodians, etc.
Accounts missing critical elements required for insurance calculations
On a T+1 stance, the solution ensures covered institutions can respond on 24 hours’ notice delivering the four FDIC-required output files: Customer, Account, Account Participant, Pending.
Informative analytics and reports provide insight into the covered institution’s entire deposit base, producing the required control, summary and reconciliation reports, and enabling the firm to monitor the pending file
The solution facilitates reconciliation to related regulatory reports.
The CustomerView extensible data dictionary architecture for Part 370 enables the institution’s deposits, customers, and accounts data to conform to FDIC expectations and be correctly classified into the 16 ownership, rights and capacity (ORC) types.
The insurance calculation algorithm determines coverage at the ORC level.
Reports and dashboards enable the covered institutions to easily manage the attestation process.
Delivers an end-to-end, holistic, transparent solution providing a complete, auditable view of deposits and records
Automates the processing of all FDIC 370 required outputs with a T+1 delivery
Enables institutions to successfully satisfy all FDIC 370 requirements
Seamlessly ingests depository information from the covered institution’s source systems into a standardized data model
Incorporates classification rules and insurance coverage calculation algorithm out-of-the-box
Provides deep insight into the enterprise daily deposit book facilitating exposure risk management and informing strategic decision making
The FDIC did not have a global pandemic or the threat of a worldwide liquidity...
The idea of “green” data stems from recognizing the challenges of the broadening and thickening...
“The Deposits-Customers-Accounts Trifecta” arises from AxiomSL’s work with covered Insured Depository Institutions (CIs) as they...
Are we able to correctly classify the entire deposit base per ORC categories?
Can we verify that our deposit accounts include all required information?
Can we properly handle iterative processing in a failure scenario to ensure insurance is accurately paid out over time?
Can we demonstrate that we are incrementally and continually whittling down non-compliant items in the pending file?
Have we determined the data we need to calculate insured and uninsured amounts?
Are we prepared to attest to our readiness to respond?
Deposits-Customers-Accounts: An Integrated Solution For Regulatory Monitoring and Reporting
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