CDIC’s modernization initiative

CDIC’s Modernization initiative will transform the ways we serve depositors. It will bring several changes to how we interact with our Members Institutions (MI), Nominee Deposit Brokers (NB), and how we guide depositors (including trustees) during a time of uncertainty.

Functionality

Depositor experience

At the time of a member institution failure, depositors will experience a high degree of transparency, choice, and control: selecting how they communicate with us, accessing real-time updates on insured deposits and payment status, and the choice of a range of modern payment methods. By providing depositors with a simple and transparent experience in a period of uncertainty it will reinforce their trust in CDIC to provide timely access to insured balances.

MI & NB interactions & user experience

The use of modern and secure portals will offer a centralized platform to coordinate MI & NB specific and organization-wide communications and data submissions into one single channel. It will facilitate the timely and robust assessment of data from MIs & NBs, to provide the necessary data to determine insured balances and efficiently pay deposit brokers insured balances on behalf of their clients in the event of a failure. The Portals will enable increased visibility on current and historical compliance results, exceptions, and queries to CDIC.

Data validation capabilities

MIs and NBs will be empowered to perform self-serve data assessment (e.g., validating against file structure, format, and content rules) using automated, straight-through processing, allowing members and brokers to auto-assess their compliance with CDIC regulations at any time throughout the year and to attest to compliance requirements with greater confidence.

DSR & NBDR testing

The MI & NB Portals will facilitate rigorous assessment and compliance testing to ensure members and deposit brokers maintain prudent record keeping on depositor funds and the capability to support complete, accurate and timely insurance determination at the time of an MI failure.

What’s in it for me?

The MI & NB Portals will equip Member Institutions and Nominee Brokers with modern and enhanced tools for safe and secure data transfer and storage, improved coordination, and engagement with CDIC, new self-serve testing capabilities, and increased access to information and historical documentation. Below are five key functional components of the MI & NB Portals:

Sign-in & profile administration

MIs and NBs will manage their respective portal accounts (including portal access) via their Admin User.

Data testing

The MI & NB Portals will provide members and brokers with the ability to test DSR and NBDR extracts in a self-serve manner, without CDIC interference.

Insurance

The MI Portals will be used as the primary channel to communicate annual differential premium results.

Interaction

The MI and NB Portals will provide members and brokers with a centralized communication with CDIC, and the ability to submit certain key filings through the portals (e.g., s.15 reporting on key MI contacts).

Payout functionality

The NB Portal will provide increased transparency during a Payout, providing real-time updates to NBs on payment status and statements, as well as the ability to submit payment information.

What to expect

CDIC appreciates ongoing and strong relations with member institutions. CDIC will be in regular communication with MI and NB contacts. To that end, please contact members@cdic.ca with the name of a contact within your institution that can act as primary liaison for future communications.

Frequently asked questions

This page will continue to be updated with questions as we receive them.

Modernization initiative

Why is CDIC undergoing this initiative?

The underpinning vision of the program is to provide depositors access to insured funds on the first business day following the announcement of a MI failure, and in doing so, maintain the trust of Canadians. Given the shift to online banking and digital government services, now more than ever, Canadian depositors expect a fast, transparent digital experience.

As an MI who will be using a Portal with CDIC for the first time, are we expected to do anything to prepare for the launch of the portal?

In December 2023, we will be sharing with you the technical and user requirements for the Portal. Once you receive this information, we recommend you start thinking about:

who in your organization will need access to the Portal and in what capacity;
what training these employees may require, and;
any additional information you may need to better understand each designated role.

How can we expect to be trained on the respective Portals?

CDIC will ensure you have all the knowledge and support materials necessary for success on the Portal and will share user guides with step-by-step processes for all functionality within the Portal. More details on training material and sessions will be shared with all MIs and NBs leading up to the Launch date.

Is it true we will be able to perform a self-assessment on our data in the new Portals?

Both the MI and NB Portal will have self-assessment capabilities, including easy upload of extracts through the portal and receipt of automated reports. This will help member institutions ascertain compliance as part of their attestation processes or in the lead up to formal CDIC-driven compliance testing.

Why are NB’s being moved to a new Portal? We only just started using the current one last year.

While the new NB Portal will maintain the functionality of the current Portal, it will also include new functionality to improve the NB experience while using it. This includes real-time payment status updates during a payout, the ability to carry out self-assessments and case management capabilities, allowing you to interact with CDIC more easily and more conveniently.

What platform are the Portals run on? Will they be secure?

The Portals run on the Dynamics Platform. We are moving away from physical servers to host our data in a secure cloud environment, leveraging on-demand services and integrating modern applications in a cloud environment. The Portals offer a range of security features to protect the data and users including, but not limited to, authentication, data security, encryption, compliance, monitoring and auditing mechanisms.

Will the Portals be available in both official languages?

Yes. The Portals will be available in both English and French.