The Financial Conduct Authority (FCA) has today announced that 29 businesses have been accepted into cohort 5 of the regulatory sandbox to test innovative products, services, business models and delivery mechanisms.
Trustee of the Open Banking Implementation Entity (OBIE), Imran Gulamhuseinwala OBE commented:
“OBIE welcomes the opportunity to play its part in developing the potential that variable recurring payments could bring – which could ultimately lead to simpler, speedier and more secure payments for customers.”
At the end of the regulatory sandbox period, the tests will be reviewed by both the firm and the firm’s sandbox case officer to assess the test against a range of success measures. The FCA will then work closely with each firm to ensure that the appropriate course of action is taken as they progress out of the sandbox.
For further information visit: FCA sandbox webpage
A more detailed briefing note to give additional background information is available here.
