The Latvian Bank has announced plans to shorten the time required to record information about a client's obligations, breaches, and remedial actions in the Credit Register from five working days to three. This adjustment aligns the Credit Register timeline with that of credit bureaus, facilitating a more efficient reporting process for all parties involved. By implementing this change, the Latvian Bank aims to streamline the exchange of information and reduce the reporting burden on Credit Register participants who are also members of the credit bureaus.

Additionally, the bank plans to introduce a systematic improvement that will allow financial market participants the option to consolidate the technologies they use for communicating with the Latvian Bank. This includes the implementation of an online messaging feature within the framework of the Credit Register, which is expected to modernize interactions and increase the responsiveness of financial service providers. This advancement represents an important step in digital transformation efforts within Latvia's banking sector.

Overall, these changes reflect the Latvian Bank's commitment to enhancing operational efficiency in its Credit Register, ensuring that all engaged parties benefit from quicker updates and better data integration, which could potentially lead to improved credit assessment processes and reduced risks in lending.