Regulatory Requirements
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
- Accounts missing critical elements required for insurance calculations
- One entry for each customer across the deposit base
- Information on all account beneficiaries, participants, official custodians, etc.
Learn more about AxiomSL’s FDIC Part 370 solution
Implemented by more than
35% of covered institutions
Required control, summary, reconciliation reports
Standardized data attributes
Cloud or on-premises deployment
Four FDIC Part 370 output files
Running on the ControllerView® data integrity and control platform
Robust Data Dictionary Architecture
The extensible CustomerView data dictionary identifies all relationships with respect to deposit insurance; provides early warning of missing data elements
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Precision Insurance Coverage Calculation
Algorithm calculates insured and uninsured amounts for each customer at the ownership rights and capacity (ORC) level
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Continuous Improvement of Pending File
Pending table identifies accounts missing critical elements. Edit checks include pending reason, ORC, and product category
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Enterprise View Reports
Summary reports deliver insight into account types, deposits, and insurance coverage
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Business Intelligence on the Deposit Base
Historical reports deliver insights that extend beyond FDIC Part 370 core requirements
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Solution Features
Timeliness
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.
Classification
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.
Analytics
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.
Coverage
The insurance calculation algorithm determines coverage at the ORC level.
Attestation
Reports and dashboards enable the covered institutions to easily manage the attestation process.
Reconciliation
The solution facilitates reconciliation to related regulatory reports.
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