Following a competitive process, Synectics Solutions has been accepted on the Financial Conduct Authority’s (FCA’s) regulatory sandbox.
The sandbox is open to organisations looking to deliver innovation in the UK financial services market and follows the success of the pilot which took place at the end of last year. Synectics Solutions was one of only 30 organisations approved to take part in the "Preventing Fraud and Scams" workstream in the pilot.
The aim of the sandbox is to provide participant firms with the opportunity to test products and services in a controlled environment, reduce time-to-market at potentially lower cost, identify consumer protection safeguards and offer better access to finance.
In the latest cohort, Synectics Solutions is working with Yoti's reusable digital ID app and Orenda Financial Solutions to test digital ID solutions with enhanced fraud scanning capability, which could transform customer experience and access to finance and fraud prevention in the pre-paid card market.
Leading this project for Synectics Solutions is Chris Lewis, head of solutions at the business. He said: "The sandbox pilot proved hugely valuable as an opportunity to collaborate across the financial services sector drive future innovation and world-leading expertise. Across the industry, we have many shared objectives and by sharing best practice and lessons from such a wide range of organisations and test cases, we will help to improve the industry as a whole."
At the end of the regulatory sandbox period, the tests will be reviewed by Synectics and the firm's allocated sandbox case officer to assess the test against a range of success measures. The FCA will then work closely with each participant to ensure that the appropriate course of action is taken as they progress out of the sandbox.
John Abbott, Chief Business Officer at Yoti said "At the heart of Yoti's reusable digital identity app and credential management platform is the drive to protect businesses from financial crime and fraud, improve customer journeys and empower individuals to take control of their data. We are delighted to be working with Orenda and Synectics through the FCA's Sandbox. This secure approach will save time and money and become an innovative blueprint for reusable identity and fraud screening".
Alistair Swanepoel, Chief Risk Officer at Orenda said "Orenda, as an embedded financial services provider, is excited to be working in conjunction with Synectics and Yoti on this regulatory Sandbox pilot, which through testing digital ID solutions has the potential to provide benefits to the overall financial services industry."
For more information please visit the FCA's regulatory sandbox page.
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