The Bank of Lithuania has launched a pilot to test automatic regulatory reporting by firms to replace “time-consuming” and costly manual filing.
Long mooted by the regulator of the fintech-friendly state, the project will trial the submission of compulsory reporting through APIs, a software bridge that allows the secure transfer of data.
“Such a solution will allow market participants to save time and reduce HR costs and IT investment expenditure,” Ramūnas Baravykas, head of regtech at the Bank of Lithuania, said in a statement on Thursday.
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