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