Achieve Depositor Compensation Scheme (DCS) Compliance by the September Deadline

//Achieve Depositor Compensation Scheme (DCS) Compliance by the September Deadline

Achieve Depositor Compensation Scheme (DCS) Compliance by the September Deadline

Notice To Our Esteemed Customers

As you are aware the Depositor’s Compensation Scheme (DCS) unit within the MFSA has just released the first Draft of the technical XML Schema that is required to report data. These include new field specifications covering SCV and DEF accounts, and new file format (XML) for correct submission. Banks are required to participate in the testing of DEPS system and this is due by the 15th September.

As part of the BRSANALYTICS product line, we are launching a new DCS functionality both standalone and integrated with BRSANALYTICS. 

Our solution covers all the underlying technical aspects including versioning, rule validation, XML conversion, encryption and upload; ensuring complete and hassle-free compliance for the finance teams with a click of a button:

  • Provision of an Excel Template.
  • Loading data into the spreadsheet (for BRSANALYTICS integrated version) or this may be filled in manually.
  • Conversion to the required XML schema (taking into consideration that XML schemas may change from time to time)
  • Validation of data being submitted against the schema and rule validation engine.  
  • Support for different versions of schemas and rule sets.
  • As regulator’s validations and XML Schemas change, the product will be kept updated to ensure banks’ alignment.
  • Data Encryption and upload.

We are using a two-phased approach to ensure that customers are ready to meet the September deadline:

• Phase 1: (Beginning Sept)

  • Provision of an Excel template along with Excel toolbar functionality to convert from Excel to the XML schema in the requested format.
  • Anonymisation functionality will be provided. 

• Phase 2:

  • Provision of all other functionality including validation, encryption, signing and FTP upload. 

Please contact us for further information as soon as possible to ensure compliance by the September deadline.

The BRSANALYTICS Team

By | 2017-08-14T14:05:23+00:00 August 14th, 2017|News|0 Comments

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