In their latest report, presented at the Sibos 2018 conference, the Euro Banking Association concluded that regtech solutions could lower costs and ultimately help financial institutions to stay competitive in the digital economy. Moreover, as current KYC processes are often fragmented and redundant, it leaves financial institutions with higher costs and dissatisfied customers.
In the area of regulatory reporting, DLT-based reporting systems could be of considerable value as well. Also, collaboration between financial institutions and the dialogue with regulators will be key to enabling secure and efficient DLT-based solutions.
The working group’s latest report “Cryptotechnologies: improving regulatory compliance” is now available as e-book and pdf. The EBA Cryptotechnologies Working Group explores the practical implications, opportunities and challenges of cryptotechnologies in transaction banking.
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