Solidatus supports FCA Digital Sandbox Pilot

By Edil Corneille

London-based Solidatus announced that it is supporting the Financial Conduct Authority (FCA) and the City of London Corporation with the Digital Sandbox Pilot, coinciding with its opening to banks and regulators.

Solidatus is providing its modelling software for pilot participants to view the structure of synthetic data within the sandbox and its interrelated properties, making it easy for them to find the information they require. Additionally, Solidatus’ proprietary Data Catalog ensures that common terms are used and understood within the Digital Sandbox ecosystem, and GDPR entities can also be tagged, allowing users to rapidly discover, document, analyse and share data within the system.

Elizabeth Squire of Solidatus adds, “The FCA is recognised worldwide as being at the forefront of innovation, helping financial institutions to develop and safely adapt approaches to some longstanding challenges faced by the financial sector. Solidatus has always recognised that supporting such a vital endeavour plays a foundational role when it comes to helping financial organisations solve some of the biggest data challenges facing the industry.”

The Digital Sandbox Pilot project provides users with access to a suite of tools to collaborate and develop financial services Proofs of Concept for anti-financial crime algorithms. It trials a digital testing environment by providing support to products and services which are at an early stage of development.

The Pilot will focus on three issues, in particular within the financial services industry, which has been impacted by the Coronavirus (COVID-19) pandemic. They are preventing fraud and scams, assisting vulnerable consumers, and improving access to finance for small and medium enterprises (SMEs).

Solidatus’ modelling software will run until early February 2021. The project will be continually assessed against innovation, speed, collaboration, pilot features and a sustainable future. The Pilot is intended to play a central role in informing and assisting the design and future operating model of a permanent Digital Sandbox fixture in the UK.

Solidatus successfully provided its software to the FCA DataSprint to model the synthetic data that was created for the pilot earlier this year.