Fiscal Sector Reform Activity in Bosnia and Herzegovina: Single Business Account Registry - High Level Design

The system is mandated by the Law on Payment Procedures, which requires the Financial Information Agency (FIA) to establish and maintain the registry. The primary goal of the registry is to provide a centralized database of business bank accounts, allowing banks to share information about open accounts for business entities. The registry will contain the same set of information as other existing registries, offered in the same format, to ensure compatibility and facilitate data exchange. The system will be built to meet the requirements of the Law, which mandates that the registry be technically compatible with existing registries, including the Central Bank of Bosnia and Herzegovina and the Registry of business accounts in Republika Srpska. The registry will be designed to allow banks to add and update information using web services, while web services and web portals will be available for reading data. Access to the system will be restricted to authorized users via a Virtual Private Network (VPN) connection, with encrypted communication using HTTPS. The system will be hosted in FIA. The Law defines the minimal data set for the registry of business accounts, which includes information such as the name, registration number, and ID number of the business entity, bank account number, type of account, and account status. The registry will also include additional data as required by the Law. The Single Business Account Registry system is a critical component of Bosnia and Herzegovina's fiscal sector reform, aimed at improving transparency and efficiency in the financial sector. The system will provide a centralized database of business bank accounts, facilitating data exchange and compatibility with existing registries. The registry will be built to meet the requirements of the Law, ensuring technical compatibility with existing registries and facilitating data exchange. The system will be designed to provide secure access to authorized users, with encrypted communication and restricted access via a VPN connection. The implementation of the Single Business Account Registry system will require close collaboration between FIA, banks, and other stakeholders to ensure a smooth transition and effective operation of the system. The system will be a critical component of Bosnia and Herzegovina's fiscal sector reform, contributing to improved transparency and efficiency in the financial sector. The registry will provide a range of benefits, including improved transparency and accountability in the financial sector, enhanced data exchange and compatibility with existing registries, and improved efficiency in the management of business bank accounts. The system will also contribute to the development of a more robust and efficient financial sector in Bosnia and Herzegovina.