B2B Payments

New Digital Exchange Boosts B2B Regulatory Data Sharing

As companies face increasing government regulation across an array of industries, and as regulators face an increasing demand to ensure their rules are being upheld, entities in the U.K. can now access an online database to facilitate regulatory implementation and compliance.

U.K. technology solutions provider Lightwell revealed its latest product offering, the B2B Regulatory Data Exchange Framework, on Tuesday (March 10). The service offers a database to government agencies, banks, and other entities to access B2B regulatory data and exchange regulatory information.

According to Lightwell Managing Director Ian Wells, the exchange combines secure file transfer platforms and B2B integration platforms with the company’s processing and CoreFiling capabilities, which offers automated filing and data management. Together, the database minimizes risk and facilitates regulatory mandate implementation. “It provides secure, managed file transfer for the exchange of regulatory data and includes pre-built, standardized business processes and visibility tools,” Wells explained.

The platform additionally offers digital reporting tools for obligation management, traceability and auditing purposes, reports say.

All of this data is then organized by Lightwell, formerly Oxford Consulting Group, in a standardized way to facilitate data reporting to and validation by regulators, while companies can more easily align their operations with regulators’ policies.

On a whole, Wells said that the latest service is an effort “to help companies achieve greater ROI from their technology investments, streamline complex processes, and increase efficiency across the enterprise.”

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