||a) The activity is significantly innovative
- The product, service or process leverages innovative technologies.
- There are no similar products, services or processes on the national market or in any case the proposed solution differs objectively from the offer on the market.
- Even if the initiative leverages technologies already in use, the business model is significantly innovative.
|Need for experimentation
||b) The activity requires the derogation from one or more supervisory guidelines or general acts adopted by the supervisory authorities or an experimentation and a joint test with one or more supervisory authorities
- The request for derogation relates to general acts, rules or regulations adopted by the supervisory authorities, the references of which are indicated precisely. The aforementioned derogations cannot concern primary legislation and mandatory rules of the European Union. The reasons why such derogations would be necessary to carry out the experimentation shall be adequately substantiated.
- The activity requires a joint experimentation/test because it requires monitoring and evaluation with the supervisory authorities in a controlled environment before the free offer on the market. For example, it may be necessary to carry out an experimentation to exclude the existence of potential risks/critical issues for the system and to assess any technical risks that could lead to regulatory compliance problems.
||c) The activity adds value to at least one of the following profiles, without significantly affecting one of the others:
- benefits to end-users
- efficiency of the banking, financial and insurance system
- effectiveness in the application of the regulation in the banking, financial and insurance sectors
- improvement of the systems/procedures/processes of operators in the banking, financial or insurance sector in relation to risk management
- Benefits for end users, for example: improvement of the customer experience, greater inclusion, improvement of transparency, strengthening of security measures, lower costs for end users.
- System efficiency, for example: shorter execution times for transactions, better usability and use of information.
- Effectiveness in the application of the regulation, in the following terms: rationalization of internal processes aimed at fulfilling regulatory obligations, better management of data for compliance and reporting purposes, etc.
- Improvement of the systems/procedures/processes related to risk management on the part of the operators in the banking, financial or insurance sector: optimisation in terms of costs and/or internal resources, increased effectiveness in the identification and/or measurement/management of risks.
||d) The activity is in a sufficiently advanced state for the experimentation
- The feasibility and the Gantt study have been prepared.
- Sufficient resources (technological, human and logistical) are available to devote to experimentation.
- The potential risks of the activity (including ICT, cyber security and data protection) have been identified and specific measures have been prepared to protect users.
- Adequate metrics for experimentation monitoring have been proposed.
|e) The activity is expected to be economically and financially sustainable or otherwise has adequate financial coverage
- The feasibility study includes a forward-looking assessment of financial sustainability, based on sound and realistic rationales.
- Financial coverage is adequate for the size and purpose of the project.