Moldova to Simplify Compensation Payments for Bank Deposits

Moldova to simplify the payment of compensation to bank depositors

The Deposit Guarantee Fund of the Moldovan Banking System (FGDSB) has introduced a new information system that will enable depositors to receive compensation for guaranteed deposits online, without having to visit a bank. The system will also automate the Fund’s internal operations and speed up the processing of payments.

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The main innovation is an online platform through which depositors will be able to find out which amounts in their accounts are protected by the state, how much compensation they are entitled to, and submit an application to receive their money. They will not need to visit a bank to do this.

The platform will also allow users to request additional compensation in cases provided for by law and to submit the necessary documents online.

“Our aim is to make the compensation payment process as simple, clear and convenient as possible for every depositor. The platform will reduce the number of administrative procedures and allow claims to be made remotely,” said Dionis Katanoi, CEO of the FGDSB.

How compensation will be paid

The new system will be able to interface with national payment systems, including the Automated Interbank Payment System (SAPI) and the MIA instant payment service. This will enable compensation to be transferred quickly and securely directly into depositors’ bank accounts.

Currently, the state guarantees compensation of up to 200,000 lei per depositor at each bank. If a person has several accounts and deposits at the same bank, their amounts are added together when calculating the compensation.

The new system automates the entire process: from receiving and verifying data on depositors and their deposits to transferring the funds.

The Fund urges bank customers to ensure that the personal details they have provided to their banks are correct and up to date. This will help to avoid problems when receiving compensation.

The project forms part of the National Programme for Moldova’s Accession to the European Union (PNA) and aims to modernise the Fund’s operations and bring the deposit guarantee scheme into line with European standards.

This story was translated with the assistance of artificial intelligence.The translation was also reviewed by the Logos Press editorial team.

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