Fintech proofs-of-concept

We have engaged with a number of different fintech firms.

Current proofs-of-concept

Digital Regulatory Reporting

Together with the FCA, and a number of other organisations, we are exploring how technology could make it easier for firms to meet their regulatory reporting requirements and improve the quality of information they provide. Phase I of this work included developing a prototype using a DLT network (see below). Ongoing work in phase II will focus on addressing some of the gaps identified in phase I, in particular understanding the economic viability of digital regulatory reporting and exploring how it could be implemented technically. 

More information on the Digital Regulatory Reporting pilot, including how to get involved, can be found on the FCA’s website.

Digital Regulatory Reporting

Firms we have worked with in the past

Regulatory reporting

Digital Regulatory Reporting Pilot Phase I

We worked with the FCA, and a number of other organisations, on a 6 month pilot developing a prototype using a DLT network to calculate and supply data required for two use cases for regulatory reporting: UK domestic mortgage reporting and calculation of the Common Equity Tier 1 (CET1) ratio. The report presents a summary of phase 1 activities and findings.

DRR Pilot Phase 1

Cyber security


In the BitSight proof of concept, we tested BitSight’s tool that assesses a firm’s cyber resilience based on publicly available data.

PDFBitSight proof of concept

Anomali and ThreatConnect

We asked these companies to create a searchable database where intelligence on cybersecurity threats can be optimised and stored.

PDFAnomali and ThreatConnect proof of concept

Distributed ledger technology


Our project with PwC looked at possible applications of blockchain and distributed ledger technology.

PDFPwC proof of concept


We carried out a proof of concept with Ripple to explore the synchronised movement of two different currencies across two different real-time gross settlement systems linked using Ripple Connect and the Interledger protocol. We wanted to demonstrate how this kind of synchronisation might lower settlement risk and improve the speed and efficiency of cross-border payments.

PDFRipple proof of concept


This proof of concept explored how distributed ledgers could be configured to enable privacy amongst participants whilst keeping data shared across a network. 

PDFChain proof of concept

Baton Systems, Clearmatics Technologies Ltd, R3 and Token

The Bank completed a proof of concept to understand how a renewed RTGS service could be capable of supporting settlement in systems operating on innovative payment technologies, such as those built on DLT. 

Proof of concept


Machine learning

MindBridge Analytics Inc

MindBridge’s artificial intelligence (AI) auditor detects anomalies in financial transactions and reports using data science, machine learning and other AI techniques. In this proof of concept we asked the firm to prove the analytical value of the tool for detecting anomalies in anonymised credit union datasets.

PDFMindBridge Analytics Inc proof of concept


BMLL’s machine-learning platform provides access to historic limit order book data – trading exchanges’ records of buyer and seller interest in particular trades – with the aim of making it easier to analyse and check anomalies in the data. We tested the alpha version for the BMLL proof of concept.

PDFBMLL proof of concept

MindBridge Analytics Inc

In this second phase, the Bank built on previous learnings to look at the versatility of the MindBridge Ai Auditor™ tool to provide data visualisation and data preparation techniques for larger numeric and transaction-level datasets, including credit union datasets and a daily dataset of trades submitted for the calculation of the SONIA benchmark.

PDFMindBridge Analytics Inc proof of concept

Data analysis


Enforcd’s enforcement database holds publicly available UK regulatory enforcement actions and news, along with commentary written by Enforcd’s own regulatory lawyers, and insights from City law firms and chambers. In this proof of concept we wanted to understand the benefits and the influence on decision-making of viewing publically available regulatory enforcement action from different perspectives.

PDFEnforcd proof of concept


This proof of concept applied Experimentus’ ORB tool to analyse historic Bank of England projects to visualise how they had performed against a range of standard key performance indicators.

PDFExperimentus proof of concept


For this proof of concept, we tested Privitar’s software on a manufactured dataset to examine the analytical value of the desensitised data. We did this to establish whether we could provide Bank researchers with wider access to data.

PDFPrivitar proof of concept

NTT DATA and Reportix

This proof of concept investigated an innovative processing solution for XBRL based datasets to support the evolution of the One Bank Data Architecture initiative of the Bank’s Strategic plan.

PDFNTT DATA and Reportix proof of concept

Digital Reasoning

This proof of concept involved using a machine learning solution to ingest and classify large amounts of weakly-structured data. The aim was to assess the effectiveness of the software in drawing out sentiment and qualitative insights from publicly available information to support of the Bank’s supervisory approach.

PDFDigital Reasoning proof of concept

This page was last updated 27 March 2019
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