Banks and fintech start - ups are being invited to join the Financial Services Authority 's second regulatory sandbox cohort for the testing of innovative financial products . Applications for the second cohort will open on 21 November and close on 19 January 2017, with testing commencing in Of the 24 firms who applied , 11 of these have been deemed ready to proceed . Among those , HSBC will test an app to help customers manage their accounts , while BT is trialling a new approach to branch banking more closely aligned with online and phone - based services . Start - ups include Billon , a blockchain - based platform that facilitates the secure transfer and holding of funds ; BitX , a cross - border money transfer platform powered by blockchain , and Blink Innovation , an insurance product with an automated claims process .
Banks and fintech start - ups are being invited to join the Financial Services Authority 's second regulatory sandbox cohort for the testing of innovative financial products . Of the 24 firms who applied , 11 of these have been deemed ready to proceed . Among those , HSBC will test an app to help customers manage their accounts , while BT is trialling a new approach to branch banking more closely aligned with online and phone - based services . Start - ups include Billon , a blockchain - based platform that facilitates the secure transfer and holding of funds ; BitX , a cross - border money transfer platform powered by blockchain , and Blink Innovation , an insurance product with an automated claims process .