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Bank of Lithuania to develop new regtech solution

Dec 13, 2019

The bank aims to reduce the administrative burden by automatic data generation

The Bank of Lithuania

Bank of Lithuania to develop new regtech solution. Source: shutterstock.com

The Bank of Lithuania has chosen 2 companies to create and try out a smart solution that would streamline reporting procedures.

Such a solution will allow market participants to save time and reduce HR costs and IT investment expenditure. It will also allow us – the supervisory authority – to generate reports in a timely and precise manner, gain insights on potential market risks and share them with financial market participants, which would guarantee greater efficiency of supervisory practices, especially as the number of market participants continues to grow
Ramu016bnas Baravykas, Head of RegTech and Advisor to the Director of the Supervision Service of the Bank of Lithuania

Collaboration with GovTech Lab created the idea to develop a RegTech solution. Along with that, Peekdata.io and Columbus Lietuva, UAB will set up the prototype of the information exchange tool. API software will be used as a key element of open banking that has helped increase competition in the payments market and introduce new services.

Such payment service providers as banks, credit unions, other payment institutions have to submit to the Bank of Lithuania statistical reports and reports for supervisory purposes. However, both of them are time-consuming and require considerable resources. The solution is expected to be developed at the beginning of 2020.

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