All set for computerization

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The recent regulation issued by the Philippine Deposit Insurance Corporation (PDIC) requires banks to computerize their database of deposit accounts and transactions effective Feb 27.

Under PDIC Regulatory Issuance 2015-01, member banks are required to have a computerized database system where updated and accurate depositor/deposit information and deposit transactions for each and every deposit account are maintained and safely stored for five years from the date of transaction.

Banks are, also, mandated to establish a facility wherein it can readily generate a Deposit Account View, which is a report that provides consolidated depositor/deposit information for every deposit account in a form, specified by the PDIC.

Apart from these, the state deposit insurer requires banks to create a backup and recovery arrangement for the deposit/depositor information and deposit transactions, in line with the disaster recovery and business continuity plan guidelines set forth by the Bangko Sentral ng Pilipinas.


For its part, the Rural Bankers Association of the Philippines (RBAP) fully supports the initiative of the PDIC toward computerization of bank deposits, as this will facilitate determination of insured deposits, as well as prompt and accurate claims.

For rural banks, their existing core banking providers already have computerized database systems wherein information related to bank depositors and their respective deposit transactions are well kept.

Moreover, majority of rural banks also have a normalized data structure capable of storing data with a minimum hard disk space requirement. In order to generate a Deposit Account View, an additional report can be inserted into the existing core banking software program to be able to readily extract the information from the system’s database.

In the end, the computerization of banks’ deposit record is a positive and welcome innovation as it works in line with the industry’s goal to safeguard the welfare of the consumers.

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