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