Bank of Lithuania: Presents solution to streamline reporting procedures
- Introduced a RegTech solution prototype which will automate reporting procedures and reduce the administrative burden for financial market participants
- The supervisory authority will be provided with an entirely new level of monitoring and analysis opportunities
- Although the prototype tested with electronic money institutions, it could automate reporting procedures for many other financial market participants
- Upon adopting this solution, the Bank of Lithuania could also automatically receive detailed preliminary (operational) data
- The solution prototype tested by the Lithuanian electronic money institution ConnectPay together with Interpaylink, and the IT solutions provider Paysolut
- The proposed solution does not require changing information systems used by financial institutions
