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Metadata management specialist, Solidatus, is supporting the Financial Conduct Authority (FCA) and the City of London Corporation with the Digital Sandbox Pilot, coinciding with its recent 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 Catalogue 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.
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 have been impacted by the Coronavirus pandemic: preventing fraud and scams, assisting vulnerable consumers, and improving access to finance for small and medium enterprises. The Digital Sandbox allows firms to test products and services in a controlled environment.
Solidatus’ modelling software will be available from 1 December when the Digital Sandbox Pilot fully opens to banks and regulators that will join the teams of industry professionals already onboarded. It will run until early February 2021. The project will be continually assessed against five success criteria: innovation, speed, collaboration, pilot features and 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.
A key feature of the Digital Sandbox Pilot is the creation of a community of interested stakeholders that will interact with the teams and solutions as they are being developed in the testing environment, sharing knowledge, experience and expertise. Solidatus will facilitate this knowledge-sharing through its unique approach to building end-to-end data models more efficiently and effectively. The Solidatus approach is also built to be easily understood by users from both technical and business backgrounds.
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.”
Solidatus successfully provided its software to the FCA DataSprint to model the synthetic data that was created for the pilot earlier this year. This announcement also follows the business’ first ever appearance on the influential Gartner Magic Quadrant assessment of the metadata management sector.
Solidatus offers the next generation of metadata management, including data governance. It facilities operational transparency and control by managing the relationship between data, people and processes for the world’s largest data-rich, regulated organisations. The solution has been shown to offer up to 90% efficiency savings over traditional methods and provides the only viable low-touch solution to complex data problems.
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