The MFSA has launched a new technological tool which will see a significant change in how the authority processes prudential and financial information submitted by banks.

Data will be automatically processed, validated and subsequently submitted to the European Central Bank in as little as three minutes.

This tool, which is expected to be online by next month, facilitates the authority’s efforts with regards to the requirements established by the European regulation commonly known as the Implementing Technical Standard (ITS) on Supervisory Reporting, which emanates from the notorious Capital Requirements Regulation.

The tool will also improve efficiency for MFSA’s licence holders, as they will be able to actively keep track of their own data submissions made to the MFSA and the ECB, as well as directly receive feedback from the MFSA and, eventually, the ECB with respect to the validity of such reports.

This project is part of a wide programme of technological investment by the authority, which is expected to reach €12 million in over the next three years.