CB will create a “sandbox” for testing new technologies

The Bank of Russia plans to create a regulatory “sandbox” in which banks and other financial companies can test new technologies without risking to break the law. About it on the forum “Internet Finance” on Wednesday, September 21, said the Chairman of the Bank of Russia Olga Skorobogatova.

“We are now in the Bank of Russia are seriously considering the idea of creating a regulatory “sandbox”, in Russian it is called an experiment in English- regulatory sandbox. It is the creation of such a regime for banks and participants finrynka when the regulator is deliberately allowed to spend some things, to test the technologies in pilot, without using harsh methods of punishment for the period of this experiment,” said Skorobogatova (quoted by “Interfax”).

Regulatory “sandbox” (from the English. Regulatory sandbox) is a special working environment, under which banks and companies will be able to test new and innovative technologies and services in a restricted environment, without risking to violate financial laws. In this case the regulator together with the participants will explore new technology that may or may not need to change the regulation, and only the results of the pilot to make a decision.

“The rules for the functioning of a special regime for the participants, introducing new financial technologies, may appear in 2017,” — said the press service of the Central Bank. The regulator also said that the introduction of special regimes not associated with the consortium FINTECH, the creation of which was announced in July 2016. “These conditions affect not only banks but also other market participants,” — added the representative of the Central Bank.

“When connecting any new technology, there are two problems: technical, connected with the process of implementation and legal associated with tough regulations all transactions in the financial markets, — says the Chairman of the Board of Directors and co-owner QIWI Boris Kim. For example, in the banking legislation does not regulate P2P lending, crowdfunding, biometric identification and more.” According to him, this special mode will allow to decide the legal question of implementation, but you need to understand that the scale of the “sandbox” will be limited.

According to Alexey Degtyarev, head of the electronics business group of the Bank, customers Bank, which is a member of the “sandbox” will have a unique set of advanced services, primarily remote. “Today the most relevant and interesting is the project for remote identification of the client — for example, using the camera of a smartphone,” says the banker. The introduction of this technology will allow you to open accounts and use other banking services are fully remotely without visiting the office”.

“Perhaps the most interesting to date technology for banks is simplified identification, test that out on your customers now there is no way, —adds Sergey Medunov, operations and technology Director of the Bank “Opening”. — Easier identification, you will be able to simplify the lending process, and use of other banking products as a whole, because it will be enough only once to provide information to the Bank. Also one of the urgent tasks is the introduction of a system of simplified payments between Bank accounts and not only customers.”