Financial Conduct Authority (FCA) has selected NayaOne , a UK-based digital sandbox provider, to build and operate its permanent digital sandbox. It comes after the FCA ran two digital sandbox pilots between 2020 and 2022 that gave startups access to synthetic and publicly available data assets to test, train, and validate their products.

Following the pilots, the FCA announced it would make the digital sandbox permanent starting in the summer of 2023. The Digital Sandbox is a highly competitive program, with a rigorous selection process that evaluates companies based on their potential to make a significant impact in the financial services industry. NayaOne’s successful bid is a reflection of the company’s innovation, vision, and commitment to advancing the fintech landscape.

Founded in 2018, NayaOne is a global provider of innovation infrastructure and is a transformation partner to financial institutions across the ecosystem. The NayaOne platform provides firms with an end-to-end innovation infrastructure, enabling them to evaluate and develop new digital offerings using emerging technologies and fintechs. NayaOne provides banks with a single point of access to hundreds of fintechs and datasets, through their Digital Sandbox and Fintech-as-a-Service offering.

Regulated firms are able to discover, build, evaluate and scale with fintechs in a matter of weeks instead of months. Creating a sandbox environment In the payments and banking sector, digital sandboxes provide a safe and secure environment for developers to experiment with and test new payment and banking applications. These sandboxes allow developers to simulate real-world scenarios, such as fraudulent transactions or system failures, without affecting production systems.

This enables developers to identify and fix potential issues before releasing their applications to the market, reducing the risk of fraud or errors that could harm users or damage the reputation of financial institutions. Digital sandboxes in payments and banking also provide developers with access to the tools and resources they need to build and test their applications more efficiently. This includes access to data, APIs, and other resources that can help developers create more innovative and effective payment and banking applications.

Additionally, digital sandboxes provide a collaborative platform for developers to share their ideas and collaborate on projects, which can lead to the development of new and innovative payment and banking solutions. Overall, digital sandbox ecosystems are critical for the development and evolution of the payments and banking industry. By providing a safe and secure environment for developers to test and refine their applications, digital sandboxes help ensure that financial institutions can provide their customers with secure and reliable payment and banking services.

Moreover, digital sandboxes help drive innovation in the payments and banking industry, leading to the development of new and more efficient payment and banking solutions that meet the evolving needs of customers. .