In order to support the development of financial innovation, the Virtual Sandbox has been launched within the UKNF’s IT infrastructure. It is a test environment, allowing a simulation of select services and functionalities offered on the financial market. Through the Virtual Sandbox, the participants gain access to the IT infrastructure allowing them to verify the assumptions and main characteristics of their activities within a controlled test environment.

The first UKNF Virtual Sandbox allows interested entities to simulate banking operations and try out solutions based on the Open API interface, in accordance with the Polish API standard. An entity aiming to offer an innovative financial payment service can sign up for the Innovation Hub Programme, where it is be possible to consult the idea as well as test its functionalities in an IT test environment, simulating basic services envisaged in the PSD2 directive, i.e. PIS, AIS and CAF.

Another sandbox provided by the UKNF is the DLT Sandbox, which is a virtual blockchain environment. Firstly, the UKNF made available an environment based on the Hyperledger Fabric (HLF) platform, due to its observed high usage levels on the financial market. The DLT Sandbox can be accessed in two ways:

• through the UKNF-created channel, which invites entities to its network,
• through a channel created by the testing entity, and subsequent invitation of the UKNF to the channel, while retaining their endorsement policy.

UKNF monitors closely the developments and is open to the implementation of subsequent blockchain environments based on different types of networks. The technological partner of the shared environment is the National Securities Depository.

Participation in the tests is optional and constitutes an expansion of the current Innovation Hub Programme, which allows market participants to consult their innovative solutions with the UKNF experts. Both the Innovation Hub and the test environment are free and voluntary. The Virtual Sandbox is intended not only for supervised entities, but also entities pursuing the UKNF approval, as well as start-ups.

How can you participate in the Innovation Hub Programme and test your solutions in the Virtual Sandbox?

• sign up to the Innovation Hub Programme through a registration form available on the UKNF’s website,
• successfully pass the consultation stage and qualify for tests in the Virtual Sandbox. After obtaining a recommendation to participate in these tests, you will gain access to the dedicated IT infrastructure for 90 days. During this time you will get access to an environment simulating select operations on the financial market. This will allow you to test functionalities of your proposed solution,
• on a justified request, in accordance with the test participation rulebook, access to the test environment can be extended for another 30 days.

Participation in the Virtual Sandbox is voluntary and free of charge. Every participant conducts an individual analysis of the information received during tests and consultations. Based on that, the participant makes the decision whether to submit a request to the UKNF for the approval of its activity.