After the NBU significantly expanded the list of information that banks and other lenders must submit to the Credit Register at the end of December last year, many financial institutions looked past the six-month transition period and started addressing more pressing issues. Today, as the deadline for submitting reports to the registry is steadily approaching, it turned out that new data in most cases must be entered manually, address data is not up-to-date or incomplete, and filling out the new reporting form requires the involvement of many specialists and time.  
As a result, some financial institutions are in a kind of silent panic: time is running out, bringing their reporting in line with the NBU's requirements requires serious efforts, numerous street and settlement renamings are creating chaos in address databases, which in many cases are not properly formed, contain errors, outdated data, and simply incomplete information. 

When such information reaches the NBU, it cannot correct it on its own, which multiplies the chaos: inaccurate and incomplete data are added to the Credit Register, and errors accumulate. Consequently, the information about borrowers that credit institutions (banks, credit unions, fast lending institutions, etc.) request and receive from the registry becomes less and less reliable.

It is not difficult to predict the NBU's reaction. The regulator cannot clean up the registry on its own, but it can influence the providers of low-quality information. The measures of influence have long been known - fining the perpetrators. Therefore, financial institutions have every reason to expect sanctions sooner or later, either for not providing information on time or for the poor quality of such information.
Recently, the DM Solutions team has seen a significant increase in demand for monitoring, correcting, and updating data in the address databases of financial institutions. And we attribute this demand to the approaching deadlines for reporting to the NBU in the new Credit Register 2.0 form. We have even developed a special set of products that will automate the preparation of the database for reporting and for easy use.

How does it work? A special software algorithm analyzes the customer's address database and brings it to the standard form. It corrects mistakes in the names of streets and settlements, adds current names after renaming, postal codes to each address, and other address data that is missing from the database. Any duplication of data in the database is eliminated. Also, each address can be assigned the status of the respective territory - temporarily occupied, in the combat zone, controlled by the government, which is very important in wartime and when the situation at the front changes. The corrected databases allow us to work correctly with Diia-ID and Bank-ID. At the same time, the processing speed is very high - up to 1 million items in 36 minutes, which allows us to meet tight deadlines even for those who are very late in preparing reports.

By the way, such processing of address databases is of considerable value to financial institutions, even if we do not take into account reporting. It improves the efficiency of communications with customers, the quality of business intelligence, and greatly simplifies logistics. According to DM Solutions' 12 years of experience, the number of duplicates (the same address spelled differently) in commercial companies' databases can exceed 10%, which significantly distorts the picture of the number and geography of customers. Therefore, processing address databases will help you avoid unnecessary expenses, better understand your customers, and organize effective communications with them.