Brite Systems developed a Salesforce solution for the Treasurer of State’s Board for Depositories, providing all the tools necessary for reporting and compliance tracking. The BFD and its member institutions are responsible for the insurance of public funds on deposit with member financial institutions in their state. To be eligible for insurance coverage, each member institution must meet certain reporting and collateral requirements based on financial health. Our Treasury Depository system has all the features to fulfill these requirements efficiently and easily.
Gain real-time access to data through an administrative interface for staff and a customized web portal for member institutions
Reduce errors and cut down on re-work with the system’s validation of data at the point of entry.
Give institutions instant access to their rating, collateral requirements, and compliance status via the web portal.
Provide accountability and traceability for all data changes, since all operations performed are tied to a specific user account.
Alleviate communication burdens on BDF staff with automated notification and email reminders.
The solution improves the experience of the member institution employees by making it easy to remain in compliance through reporting, collateral provision, and status updates all in one place. Similarly, BFD staff benefit from automated communications and reminders to the member institutions, easier reporting on the data to identify institutions that are delinquent or in distress, and easier management of institution financial reporting and collateral requirements. Together these improvements provide increased efficiency, better accuracy, and increased compliance all contributing to the stability and solvency of the Public Depository Insurance Fund.