Banks' increasing dependence on 'RegTech' technology to automate fraud checks and send data to regulators may need common rules to encourage wider use, the European Union's banking watchdog has said.
"In the longer term, additional actions, such as the creation of a centralised EU database of RegTech solutions or a potential certification of RegTech ... could be further explored and considered at the EU," it said.
However, most challenges that hold back RegTech from wider use are located within banks and RegTech firms, and it would be for them to take action, the watchdog added.
These include ensuring sufficient quality of data, internal governance processes, and adequate knowledge of RegTech, the EBA added.
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