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FCA and City of London’s Digital Sandbox Pilot – Presentations and Use Cases

Digital Sandbox Pilot UK | Feb 20, 2021

digital sandbox initiative FCA and City of London 1 - FCA and City of London's Digital Sandbox Pilot - Presentations and Use Cases

The pilot ran from November 2020 through to February 2021. An evaluation process is currently being undertaken by an independent consultant. The pilot will be assessed against the 5 success criteria:

  • Innovation – role played in encouraging innovation in financial services to the Covid-related challenges detailed in the use cases
  • Speed – role played in enabling quicker testing and development of proof of concepts
  • Collaboration – role played in fostering collaboration, facilitating diversity of thinking and creating an ecosystem of key organisations
  • Pilot features – the effectiveness of the key features of the pilot (see below) in stimulating and accelerating innovation
  • Sustainable future – role played in informing and assisting the design and future operating model of a permanent digital sandbox

See:  UK Digital sandbox – coronavirus (Covid-19) pilot

Select Teams and Descriptions

Fraud & scams

Sedicii: An AML solution that allows financial institutions to securely share knowledge about clients or transactions without disclosing any underlying data or information.

EalaX Ltd: A solution that creates digital synthetic twins of real financial data which can then be used to detect fraudulent patterns and complex problems that are being experienced during Covid-19.

MPC4AML: A solution that uses a Privacy Enhancing Technology (PET) known as Secure Multi-Party Computation (MPC) to run risk scores on a transaction network data from multiple banks.

Norbloc: A solution that uses blockchain to allow for a secure and GDPR-compliant sharing of verified KYC files across multiple institutions in real-time to create a single profile per customer.

IT2 Fraud Signals - Trust Stamp, Cifas, Lloyds & OneBanks: A solution that uses biometric data to create an identity token that can be used to match, de-duplicate and verify across institutions while protecting the users personal identity information.

See:  UK: Open Finance: The FCA Consults On How To Transform The Financial Services Market


PrinSIX Technologies: PrinSIX is focusing on detecting vulnerability within credit applications, testing and deploying dynamic onboarding journeys that identify applicant vulnerability flags and trigger highly personalised digital assessments to improve customer outcomes.

Qpal: A digital assistant focused on financial wellbeing, powered by Open Banking, that automates financial decision for consumers.

Applied Blockchain:  A solution to allow a range of lenders to assess the credit risk of a borrower without requiring direct access to private and sensitive financial data by using privacy-preserving technologies.

DirectID:  A solution that uses transactional data to predict the probability of default based on an individual’s historical and predicted cash flow.

See:  FCA Report (Feb 2020): Sector Views – Key Areas of Harm Identified

SME Lending

Fluence:  A solution that uses natural language processing AI to interpret and analyse financial applications and claims handling processes in order to automatically interpret new applications and claims.

Company Watch Ltd:  A solution to enable finance funding providers to predict, analyse and risk assess the ability of a small business to repay credit within certain time periods.

Fractal Labs:  A solution that uses Open Banking to create a cashflow forecast in order to help  assess the eligibility of SME’s for small working capital loans.

Untangled Finance:  A solution using tokenised assets on a blockchain to enable simple, cost-effective and transparent ways to securitise SME loans and invoices.

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