Bank of Lithuania launches tool to streamline reporting procedures

The aim is to also reduce the administrative burden for financial market participants. Moreover, the supervisory authority will be provided with an entirely new level of monitoring and analysis opportunities. 

Although the prototype was tested with electronic money institutions, it could automate reporting procedures for many other financial market participants. Currently, electronic money institutions alone submit up to 20 different reports, while banks, credit unions and other market participants are required to regularly provide the Bank of Lithuania with even more reports for statistical and supervisory purposes, which is time consuming and requires considerable resources.

The solution will use application programming interface (API) software – a key element of open banking that has helped increase competition in the payments market as well as introduce new and attractive services to consumers and businesses. The solution prototype was tested by the Lithuanian electronic money institution ConnectPay together with Interpaylink, and the IT solutions provider Paysolut.

Upon adopting this solution, the Bank of Lithuania could automatically receive detailed preliminary (operational) data and analyse them in various aspects, while financial market participants would no longer need to worry whether precise and detailed data, which complies with legal requirements, is submitted in a timely manner.