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C&T Solutions enhances compensation payout system
Hong Kong, September 29, 2017 - C&T Solutions was awarded a new project of Hong Kong Deposit Protection Board (HKDPB) to refine its payout process with major enhancements to the current payout system. Since the Deposit Protection Scheme (DPS) was enhanced in March 2016 to change the payout approach from “full-netting” to “gross” basis, the Board has planned to modernize the payout system to enable faster and the most accurate compensation payouts. As a long established partner with quality technical performance, C&T Solutions was once again awarded the contract by the Board, under which the experienced team will carry out the whole process of application development and implementation.
HKDPB is an independent statutory body formed under the Deposit Protection Scheme Ordinance to oversee the operation of DPS. Launched in September 2006, DPS is a statutory scheme abided by all licensed banks to protect bank depositors. Through the provision of a measure of protection to depositors, DPS contributes to the stability of the banking system. As the decision for a compensation payout involves the processing of a large number of deposit records, a robust and effective payout system is necessary to support the payout operation.
Experienced in the operation of the DPS system, the C&T Solutions team will not only revamp the existing application to improve system processing performance, but also simplify the whole application and operational processes for gross payouts for streamlined system workflows and enhanced usability. As the Board values the preservation of confidentiality of personal data for payouts, the system will embrace high data security level with the technical team’s expertise in IT security and privacy services, optimizing the performance of the payout system.