Frankfurt, 13 December 2022 - Regnology, a leading software provider with an exclusive focus on regulatory reporting solutions, announces today that it has been selected by Bank of Lithuania (BoL) as the technology enabler of the Data Management Maturity Programme (DAMAMA), the institution’s innovation initiative. Regnology’s supervisory technology will contribute to transforming and modernising its data architecture.
The bank’s goal is to transform its data management capabilities and establish a unified regulatory reporting platform based on modern architectural principles. By handling regulatory data as an asset embedding valuable information, BoL aims to supervise the financial industry with enriched insight and in turn, create a more resilient financial ecosystem. Regnology’s future-proof technology, granular data modelling, and cloud-native approach are aligned with the bank’s ambitions to innovate and lead the path in defining the future of supervision.
Regnology’s supervisory technology platform is an integrated modular solution for financial supervision. It provides central banks and supervisory authorities with essential functionalities for collecting, analysing, and disseminating regulatory and statistical data. In this way, Regnology helps regulators to 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 will also provide Regulation-as-a-Service to Bank of Lithuania by constantly updating the regulatory content delivered with the platform according to new European System of Financial Supervision (ESFS) regulatory requirements, thereby unburdening the regulatory changes.
Central banks are dealing with an enormous and growing amount of data which needs to be collected, transformed, and analysed. By leveraging innovative technology solutions which can manage substantial data volumes, supervisors will be able to better cope with the ever-increasing demands stemming from EU regulation. We are proud to have been supporting Bank of Lithuania on its digital transformation journey, and with the selection of Regulator 3 we look forward to continuing to support the institution on its path of innovation.
Dr. Maciej Piechocki, CRO, Regnology
The changing data landscape calls for reform across a wide range of areas from skills, individual staff members to the way data is handled. 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.
Ramūnas Baravykas, Director of the Data and Statistics Department of Bank of Lithuania
Regnology’s Regulator 3 solution is particularly relevant for central banks in the Eurozone given 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.
The Bank of Lithuania was selected as the 2021 winner of a prestigious Central Banking award for its data management initiative.
About Bank of Lithuania
The mission of the Bank of Lithuania is to bring benefits to society. To accomplish this, we rely on highly-qualified employees, financial and technological resources. As part of the Eurosystem, we cooperate with the European Central Bank and other euro area central banks to make decisions on euro area monetary policy and its implementation. Our work, anchored by certain core values, not only benefits society but also contributes to enhancing the public's trust in the national central bank and the domestic financial system.