The challenge

The Deposit Guarantee Scheme Directive requires banks and building societies to keep track of their customer deposits so that, in the event of financial failure, individuals can have access to their funds quickly. To make sure banks are always ready to comply with this, the regulators can request proof at any time in the form of Single Customer View files.

Producing these files on demand can be challenging. Banks have large data sets to process and submit, and it’s difficult to know whether the files produced are accurate, complete and compliant. This is why we developed SafeDeposit. It helps banks to have the right data in the right format for each customer so whenever they receive a request from the regulator, they’ll be ready.

SafeDeposit is able to interrogate your Single Customer View or Exclusion file; testing for non-compliance with the rules and identifying any issues with data integrity and data quality. It provides detailed reporting of any issues identified, so you can adjust your systems and data on your own terms; giving you confidence in the accuracy and compliance of your files.