The MFSA is launching a new technological tool which will see a significant change in how the Authority processes prudential and financial information submitted by banks. The launch of this new tool was presented by officials from MFSA’s Banking Supervision during a seminar for banks organised by the Authority this morning in its Conference Hall.

Through the use of this IT tool, the Authority will be able to improve its effectiveness and efficiency in processing data reports received from credit institutions. 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 improve efficiency not only from the Authority’s end but also for MFSA’s licence holders. Indeed, it was developed in a way to enable credit institutions 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, in a bid to become a technologically-advanced top tier regulator in Europe. The MFSA is expecting to invest around 12 million euro in technological development over the next three years.