The Bank of Lithuania is building a new application programming interface (API)-based solution to improve its reporting process, and it’s revealed three local fintechs will have access to the test data to “make the testing phase more realistic and productive”.
Digital bank for businesses ConnectPay, global payments gateway for traders and investors Interpaylink – which is propped up by the Bank of Lithuania, and mobile banking platform for “future fintech unicorns” Paysolut are all getting access to the reporting sandbox.
In a bid to reduce the current administrative burden, the bank will team up with local start-up Peekdata, a data API gateway, and IT services firm Columbus Lietuva, the Lithuanian branch of Columbus Global, to create and test a solution which will streamline its reporting processes.
Inspired by its partnership with GovTech Lab, a discussion forum which explores artificial intelligence (AI), Internet of Things (IoT), big data and blockchain, the bank wants payment providers to only have to provide the “necessary” data to them so analytical reports can be automatically generated and avoid conflicting interpretations.
“Such a solution will allow market participants to save time and reduce HR costs and IT investment expenditure,” says the bank’s head of regtech and advisor to the director of the supervision service Ramūnas Baravykas.
“It will also allow us – the supervisory authority – to generate reports in a timely and precise manner, gain insights on potential market risks and share them with financial market participants, which would guarantee greater efficiency of supervisory practices, especially as the number of market participants continues to grow,” Baravykas adds.