We’re delighted to announce that we’ve been accepted into the FCA regulatory sandbox, which is designed to test innovative financial products and services. We believe that the Yoti digital ID app will transform many everyday experiences. It’s great to be able to show how Yoti can make life simpler and safer for financial organisations and their customers.
The reusable Yoti digital ID app with enhanced fraud screening capability will help transform the customer experience, access to finance and fraud prevention in the prepaid card market. We’ll be delivering this with two of our valued partners, Synectics Solutions and embedded financial services provider Orenda Financial Solutions.
The sandbox is for businesses delivering innovation in the UK financial services market and follows a successful pilot last year. The sandbox aims to provide participant businesses 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.
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.”
At the end of the regulatory sandbox period, the tests will be reviewed with 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.
Synectics Solutions’ Chris Lewis, Head of Solutions said: “The sandbox pilot proved hugely valuable as an opportunity to collaborate across the financial services sector to 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.”
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 read our whitepaper.