GovTech Lab: Join the Bank of Lithuania to create a RegTech solution
Launched at the beginning of July, the GovTech Lab starts its operation: seeking to reduce the administrative burden, the Bank of Lithuania is looking for an innovative solution that would allow obtaining the necessary data and automatically generating respective reports.
All financial market participants have to report to the Bank of Lithuania. Currently, payment service providers (banks, credit unions, other credit institutions, electronic money and payment institutions) have to submit statistical reports; in addition, electronic money and payment institutions must submit reports for supervisory purposes. To generate a report, a financial market participant has to set up its systems in a way that would aggregate data according to the requirements of specific reports. Such reports are also often produced manually, which is time-consuming and requires considerable resources. Seeking to reduce the administrative burden, the Bank of Lithuania is looking for an innovative solution that would allow obtaining the necessary data and automatically generating respective reports.
The solution would be mutually beneficial – financial market participants would no longer need to adapt their systems to the reporting requirements or collect data manually, while the Bank of Lithuania would automatically receive respective data and generate the required reports. Ultimately, this would prevent any errors and help avoid delays or different treatment of reporting requirements.
The Bank of Lithuania and other institutions participating in the project will present their ideas and answer any questions during a presentation which will be held on 24 July, 9:00.
GovTech is a technology infrastructure targeted at strengthening the public sector and improving public services.