The Digital Sandbox Pilot has been launched by the FCA and the City of London Corporation. It provides innovators with access to a suite of tools to collaborate and develop financial services Proofs of Concept.

Find out about the 28 teams that will participate in the Digital Sandbox Pilot to test and develop innovative products and services in response to challenges presented by the Covid-19 pandemic.

Register now to attend the final round of demonstration days. Learn more about the teams' projects, their final outputs, and any next steps.

The applications were assessed against four primary criteria:

  1. Genuine innovation – is the solution significantly different from what already exists in the market?
  2. In scope – Will the solution benefit UK consumers of financial services firms by solving one of the use cases?
  3. Need for a Digital Sandbox – Does the solution require the features of the digital sandbox features to be developed or improved?
  4. Testing – Does the solution have defined development objectives with a pathway to production?

The pilot will run until 5 February 2021 with an independent evaluation process being undertaken by Grant Thornton. The pilot will be assessed against 5 success criteria:

Firms or individuals who are not testing or developing a solution in the pilot but who want to observe, offer their expertise or potentially be involved with a team, can register an account by clicking ‘Register now’.

Firms or individuals who are not testing or developing a solution in the pilot but who want to observe, offer their expertise or potentially be involved with a team, can register an account by clicking ‘Register now’.

Team
Description
Fraud & scams
Faculty
A solution which uses an algorithm to identify suspicious behaviours in transactional data.
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.
Callsign & HSBC
A solution to protect customers’ digital identities by tackling the rising issue of online banking fraud, without compromising on customer experience.
Financial Network Analytics
A solution that uses neural networks to establish the usual patterns of behaviour between organisations and individuals to highlight anomalies in order to detect fraudulent payments.
Synectics Solutions
A solution that uses transactional data in close to real time to determine a risk score to aid in the identification of account push payments fraud.
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 of data from multiple banks.
Futures
A solution that provides a real-time risk assessment across a network to detect consumer behaviour indicative of fraud and scams.
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.
LexTego
An open source solution to detect fraudulent and money laundering activity within a financial ecosystem – in real time for selected typologies.
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.
Onespan
A solution that will combine machine learning with the development of rules by experts to identify types of fraud.
Vulnerability
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.
Elifinity
A solution to create a two-app ecosystem to allow users to share their financial data with debt advisors and for debt advisors to directly send their solutions to the consumer via an app.
Automated Regulatory Monitoring
An AI platform aimed at SME’s that identifies the drivers and characteristics of vulnerability and provides a series of preventative measures to avoid negative outcomes for consumers.
PORTABL
A solution to create a ‘Freelancer Risk Score’ that fairly represents independent workers who might miss out on financial inclusion because they are not well served in typical markets.
FLANK
A solution to assist vulnerable young people who have borrowed money from friends and family in managing and repaying these loans.
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.
Kalgera
A solution using financial transaction data to identify indicators of impaired financial decision-making and to help firms more efficiently and quickly allocate resources to support vulnerable consumers.
Amplified Global
A solution that uses a ‘cognitive risk engine’ to assess the level of comprehension of information and apply a ‘cognitive risk score’ to a consumer.
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.
Open Banking Reporting
OBR creates analytical assessments, metrics, forecasts, network and threat models for SMEs and lenders to build successful businesses.
Sota Signal Analytics
A solution to signal risk in a business’s financial condition to reduce uncertainty and create greater confidence in a lending counterparty.
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.

Features

Successful applicants will have access to:

Synthetic Data

Access synthetic financial data sets to develop, test and train models and PoCs.

Innovation Ecosystem

Collaborate with a network of innovators, regulators, financial services firms and investors.

API Marketplace

Access, connect and test with a catalogue of existing FinTech and RegTech APIs.

IDE

Access to an Integrated Development Environment for code development and data analytics.

Showcase Space

A platform to demonstrate the solution you have developed to the financial services community.

Covid19 Use Cases

In collaboration with the industry, we have published Covid19 use cases for innovators to tackle.

Check out the features page for a breakdown of the available features, including a technical overview of the synthetic data assets.

Use Cases

The pilot will provide support to innovative firms and organisations looking to tackle challenges relating to, or exacerbated by, the coronavirus pandemic.

In order to apply, applicants will need to have an idea/concept aimed at tackling one of these focus areas.

In combination with the industry we have provided a list of use cases available here.

The Digital Sandbox will support applications in these areas:

Preventing
Fraud & scams
Improving Financial resilience of vulnerable consumers
Improving access to finance for Small and Medium Enterprises

How does it work?

The Digital Sandbox Pilot application window will be open from 5th - 30th October. In order to access the digital sandbox, you will need to apply by submitting an application form, detailing the proposed solution you would like to test in the digital sandbox and demonstrating that you meet the eligibility criteria. Register an account below to apply.

Don’t have a specific solution or proof of concept you want to test, but keen to be involved? You can register below to join the pilot community. When the full digital sandbox launches on 16th November, you will be able to create a profile, get in contact with participants, view participant showcase spaces, and stay up to date on progress.

As of the 30th October, applications to the Digital Sandbox Pilot are now closed. Consider observing or becoming a mentor by registering to be part of the community.

Register now

1
Submit an application for full access

After registering an account, complete and submit an application form

  • Submit an application form detailing your proof of concept
  • Successful applicants can access the full sandbox, such as data assets, IDE, and API marketplace
  • Test, develop, and build proofs of concept in the sandbox
  • Collaborate with and showcase your concept to the community

2
Register to be part of the Community

Use the registration form below to create an account

  • Join the community
  • Observe the showcase space
  • Access the community directory and create a profile
  • Contact other members and pilot participants

Register & Apply now

Complete the registration form and verify your email to create an account.

Once you have created an account you will able to access the application system, view the eligibility criteria and submit an application.

Questions? Read our FAQs here
Read the FCA press release here

We can be contacted at digital.sandbox@fca.org.uk 

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FCA Press Release

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