Bank Guarantee Fund is the foundation of safety and security of the Polish banking market. It is a protective umbrella for the deposits of millions of consumers and businesses, and a guarantee of the stability of the financial system as a whole. BGF reimburses, up to a stipulated amount, the funds held on bank accounts and deposits, and pays clients money in case of bankruptcy of a financial institution.
The Fund, in order to keep track of the amounts eligible for reimbursement, obliges banks to provide the daily calculation of the guaranteed amounts in a system which allows convenient access to the information in a standardized format.
The reports submitted to the BGF must include customer identification data such as name, surname and PESEL (Polish Resident Identification Number). Another important piece of information is the total volume of the deposit (across all deposits and accounts). Since any changes in these values are immediately reflected in the BFG guarantees, the reports must also be created and submitted daily.
To facilitate reporting to the Bank Guarantee Fund, we designed a tool that greatly simplifies the daily report generation process and submits the data to the Fund in the XML format.
The data processing module of the application was created using the PL/SQL language and integrated into the Oracle database. The input data is provided in the form of CSV files that can be generated by the data warehouse system of the bank. The application then processes the CSV data and, if necessary, converts foreign currency deposits into the Polish Zloty. This involves communication with the National Bank of Poland for the current exchange rates. The process is followed by data validation and aggregation. The output format is an XML file structured according to the guidelines provided by the Fund.
One of the advantages of the solution is its customizability without the need for programming. Banks are given a simple administration console which allows to manage the report generation process, browse clients and review the results of data validation.
The Bank Guarantee Fund reporting application was created with a view to streamline the data processing. Considering the size of banks' client bases, it is a necessary condition, allowing the institutions using the solution to prepare and submit their reports within the time frame specified by the Fund (to meet the Fund’s rigorous data validity requirements).
As it entails compliance with an array of formal requirements, and its performance is critical for banks, the system is subject to stringent acceptance criteria. Our solution is provided with a detailed documentation and meets all the requirements of the financial sector.
The applications is used by banks within the Cooperative Banking Group and other banks operating on the territory of Poland.