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The Client: Bank of Canada

Project: Unclaimed Balances System (UCBS)

Technologies:	Java/J2EE, Oracle 10g
Services:	Design, Development, Implementation
Domains:	SBanking, Government

The Opportunity

Section 209 of the Bank Act stipulates that chartered banks must transfer to the Bank of Canada any deposits for which no transaction has taken place over 10 consecutive years. The Bank facilitates the return of these funds to their rightful owners by providing an Unclaimed Bank Balances System that permits public access to these records and processes claims.

The Solution

In 2006, the UCBS Redevelopment project re-implemented the functionality required to address the business requirements for the Internal Unclaimed Balances Processing. This was implemented into the Bank's High Availability infrastructure which includes redundant servers at all layers (presentation, database, application). The application was re-developed using Java/J2EE on an Oracle Application Server with an Oracle Database.

There are four services under the Unclaimed Bank Balances Sub-Function:

• Maintain Unclaimed Balances Registry;
• Receive Requests;
• Search Registry; and
• Process Claims.

The Benefits

Citizens may now use the internet to search the unclaimed balances registry in the official language of their choice and submit e-mail inquiries to the Bank of Canada up to 24 hours a day, 7 days a week. As the popularity of the webpage has increased, the number of inquiries (and resulting payments) has increased substantially.

Company Profile

The Bank of Canada is the nation's central bank. The Bank was founded in 1934 as a privately owned corporation. In 1938, it became a Crown corporation belonging to the federal government. The Bank is responsible for Canada's monetary policy, bank notes, financial system, funds management and retail debt. Their principal role, as defined in the Bank of Canada Act, is "to promote the economic and financial welfare of Canada".