The supervisory authority will get a completely new level of monitoring and analysis opportunities
The Bank of Lithuania has introduced a RegTech solution aimed to automate reporting procedures and reduce the administrative burden for financial market participants.
Despite the fact Regtech was tested with e-money institutions, it could automate reporting procedures for many other financial market participants.
For now, electronic money institutions submit up to 20 different reports, whereas banks, credit unions, etc are required to provide the Bank of Lithuania with a bigger amount of reports. However, the whole process is time-consuming and requires considerable resources.
The adoption of this solution would help the Bank of Lithuania to automatically receive detailed operational data and analyze them. Along with that, financial market participants would no longer worry whether data is submitted on time.