Today the Bank of England has published its third round of Proofs of Concept (POCs) completed by its FinTech Accelerator, which includes techUK member Enforcd.
The FinTech Accelerator was set up a year ago to deploy innovative technologies on issues relevant to the Bank’s mission and operations. Working in partnership with FinTech firms the Bank is seeking to develop new approaches, build its understanding of these new technologies and support development of the sector.
As part of the FinTech Accelerator programme, the Bank of England trialled Enforcd with the aim of identifying and applying cross-cutting legal themes from regulatory enforcement actions.
The Bank Of England writes:
“We worked with Enforcd, giving a group of staff from our Regulatory Action Division (RAD) access to a cloud-based database of regulatory enforcement actions with supporting commentary and trend analysis. Having easy access to relevant published regulatory enforcement decisions can be an important input to financial firms’ overall compliance programmes. This PoC demonstrated how technology could potentially facilitate compliance and the development of best practice in some key areas of regulation.”
Commenting on the latest POCs, Andrew Hauser, Executive Director for Banking, Payments and Financial Resilience, said:
“We have learnt a great deal through these latest Proofs of Concept, both in terms of what FinTech can do, but in also in terms of how it can help us work, think and communicate differently. The breadth of topics covered by these projects, and the Accelerator programme as a whole, shows how much central banks potentially have to gain from continued engagement with the sector in delivering their mission of monetary and financial stability. ”
Jane Walshe, CEO and Co-Founder of Enforcd said:
“We felt very privileged to get such early engagement from the Bank of England and regard their work with us as a testament to the strength of our idea and vision. We are delighted they will remain as a client.
Our roadmap for the next few months contains significant growth plans which will see us bringing in new jurisdictions, functionality and converting the numerous proofs of concept we are engaged in to long term client relationships.
We are responding to the feedback from the Bank and have already built an API. We are actively speaking to a number of regulators and clients in the USA and elsewhere will have a convincing transatlantic, and subsequently global, offering soon.”
The full Proof of Concept report is available here.