Migration of 4 liquidated banks to the GNI “Multi-Bank” system in the structure of the Deposit Guarantee Fund

GNI Software, together with the Deposit Guarantee Fund, successfully implemented a project of data migration from the current systems of 4 Banks in the liquidation process for which an insured event actually occurred (April and May 2020).
As a result of this project, the GNI system calculated the necessary compensation for citizens of the Republic of Azerbaijan in accordance with the requirements of current legislation.
Within the framework of the project, in order to pay compensation to depositors of liquidated banks, the GNI “Multi-Bank” system was also integrated online with ABS of agent banks: “Kapital Bank” OJSC and “International Bank of Azerbaijan” OJSC.

Successful execution of the specified state project as soon as possible (1 month) allowed the Deposit Guarantee Fund to quickly fulfill its obligations to investors and the regulator. Already on June 1, 2020, compensation payments began in the branches of “Kapital Bank” OJSC and June 15, 2020 payments of compensation began in the branches of International “Bank of Azerbaijan” OJSC.

In the near future, it is planned to migrate all the assets and liabilities of 4 banks in the process of liquidation into the centralized automated GNI “Multi-Bank” system.