Approval of Logalty Group´s second Sandbox project

The Spanish financial Sandbox, a controlled testing area that has enabled Spain to emerge as one of Europe’s most innovative nations, has concluded its second call for proposals by approving Logalty Group’s second project (ContractID) which was presented in conjunction with Bankinter. As a result, the Group is in the unique position of being the only company to have had two projects approved by the Sandbox.

Logalty’s projects successfully combine innovation and maturity to deliver solutions that are able to significantly enhance the financial environment. On this basis, ContractID, one of four projects chosen from a field of 13, will be deployed in the testing environment where it will be supervised by Banco de España.

For the purpose of this second project, Logalty Group teamed up with Bankinter to devise a solution which addresses one aspect related to compliance with AML/CFT obligations, as part of the digital onboarding process. The solution is also adapted to a digital and innovative environment. With ContractID, it is possible to identify the applicant using SCA (strong customer authentication) and consequently increase the robustness of e-procurement processes, guarantee compliance with the PS2D regulation in terms of strengthening identity authentication, and provide a qualified e-delivery service.

In addition, Logalty Group is in the process of finalising the testing protocol of its first Sandbox-approved project, which was given the green light in the first call for proposals. The solution is designed to help insurers improve the management of key functions (risk management, compliance, internal auditing, etc.) and to cover issues not addressed under insurance regulations.

This project is spearheaded by RegTech Solutions, a company acquired by Logalty Group, whose mission is to facilitate digital transformation and promote sustainability in the business practices of the insurance sector.

The Group’s participation in both projects reaffirms its commitment to innovative and cutting-edge compliance solutions which will undoubtedly improve the efficiency of all its clients and, in turn, enhance the quality of service made available to end customers.