Bank of Lithuania taps Regnology for supervisory tech solutions
Bank of Lithuania has selected Regnology, a software provider for regulatory reporting solutions, to modernise its data architecture.
Bank of Lithuania partners Regnology
Through the partnership Regnology will support the central bank with its Data Management Maturity Programme (DAMAMA) initiative – which aims to transform its data management capabilities and establish a unified regulatory reporting platform.
Regnology’s technology platform and Regulator 3 solution equips central banks and supervisory authorities with functionalities for collecting, analysing and disseminating regulatory and statistical data.
“In this way, Regnology helps regulators efficiently manage an increasing amount of data, complex data formats and workflows, so that they can focus on their core activities and primary tasks, such as the safekeeping of financial system integrity or customer protection,” Regnology says.
The bank will also receive Regulation-as-a-Service from Regnology by “constantly updating” the regulatory content delivered with the platform according to new European System of Financial Supervision (ESFS) regulatory requirements.
“The changing data landscape calls for reform across a wide range of areas from skills, individual staff members to the way data is handled,” says Ramūnas Baravykas, director of the data and statistics department at the Bank of Lithuania.
“With the implementation of Regulator 3 we look forward to a more efficient, automated and future-proof regulatory reporting platform, which will help us in our goal to become a truly data-centric organisation.”
Regnology claims its Regulator 3 solution is “particularly relevant” for central banks in the Eurozone, due to the European Central System of Bank´s (ECSB) Integrated Reporting Framework (IReF) project which aims to integrate the Eurozone’s statistical requirements for banks into a single and standardised reporting framework by 2027.
