Deposit Insurance Agency
The main function of the Agency is to insure resident and non-resident individuals and legal entities deposits in all commercial banks operating in Georgia
Industry: Insurance / Finances
Client & product
The Deposit Insurance Agency obliges 15 commercial banks to insure an individual deposit from month to month. The deposit is paid by a commercial bank, therefore there is a limit, which can be configured according to the amount of money received. This feature was available only to individuals.
Our main challenge was to add the functionality that was available to individuals as well as to legal entities. Adjusting almost the entire system became necessary to provide legal deposit insurance to them.
Role of PMO
We had an ongoing system of providing and collecting feedback for all parties. Our project management team provided the management of such a system. The project manager gave great support by conducting daily 1-1 meetings and providing detailed documentation for developers.
Our team started by getting to know a feature which the client wanted to be implemented to write documentation. After requirements were set, our team got the challenge done. Before release, the project went through testing to ensure everything worked according to specifications.
Provide legal deposit insurance to legal entities
The deposit insurance system, together with the prudential regulation, liquidity support and effective supervision represents an important component of financial stability and safety and protects depositors from incurring losses (within the set limit)
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