FinTech

Virtual Sandbox

Modification date: 26 January 2021

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The Polish Financial Supervision Authority (UKNF) undertakes a number of activities to encourage financial innovation.  The initiatives are addressed to supervised entities, entities seeking appropriate authorisation to carry out regulated activities, and start-ups. The UKNF support is provided through initiatives such as Innovation Hub Programme and/or interpretations under Article 11b of the Polish Act on financial market supervision. As more forms of regulated support are now available, the UKNF has decided to offer the interested entities also technological assistance. To that end, a Virtual Sandbox has been launched within the UKNF’s IT infrastructure as a testing environment which allows simulation of selected functionalities and services to be offered on the financial market. By using the Virtual Sandbox, the participants in the tests gain access to an IT infrastructure which allows verification of their business assumptions in a controlled testing environment.

The UKNF’s first Virtual Sandbox available to interested entities can be used to simulate a number of banking operations and test solutions based on the Open API interface, which complies with the Polish API standard. An entity planning to offer an innovative payment service may apply to the Innovation Hub Programme, where it can consult service users about its idea and to test its functionalities in an IT testing environment simulating the basic services provided for in the Payment Services Directive 2 (PSD2), i.e. the Payment Initiation Service (PIS), Account Information Service (AIS), and Confirmation of Availability of Funds (CAF). 

Participation in the tests is voluntary and represents an expansion of the existing Innovation Hub Programme in which market participants can consult UKNF experts about their innovative solutions. The access to both the Innovation Hub Programme and the testing environment is free and voluntary. The Virtual Sandbox is open to supervised entities, entities seeking KNF authorisation to carry out regulated activities, and start-ups. 

How can you join the Innovation Hub Programme and test your solution in the Virtual Sandbox?

  1. Apply to the Innovation Hub Programme using the application form available on the KNF website. 
  2. Pass the consultation stage and become eligible for testing in the Virtual Sandbox. After receiving a recommendation to participate in the tests, you will get 90-day access to a dedicated IT infrastructure. At the same time you will get access to an environment simulating selected financial operations. This will allow you to review and, if necessary, improve the functionalities of your solution. 
  3. On a justified request, in accordance with the Rules for participation in the tests, the access to the testing environment may be renewed for another 30 days.
Participation in the Virtual Sandbox does not give rise to the obligation to apply for KNF authorisation. Each participant reviews on their own the findings from the consultations and tests, and considers them in deciding whether to apply for authorisation.
Launching the Virtual Sandbox aims to support the development of the Polish FinTech market and represents the performance of the tasks listed in the Digital Supervisory Agenda. It is also the first step in the development of the UKNF’s offer of technological support for FinTech businesses in the form of field-specific virtual sandboxes. The dialogue with the market and the assessment of the needs of financial market participants will then allow us to launch further IT environments to test services based on other technologies. Right now, the UKNF is working to launch a Virtual Sandbox which will allow testing in a distributed Blockchain network.
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