By integrating with NayaOne’s digital transformation platform, Polymesh aims to help financial institutions effectively and efficiently leverage the benefits of blockchain technology and create new products tailored specifically to their needs.
This new Polymesh integration enables financial institutions using NayaOne to deploy and launch Polymesh nodes in a matter of days. In addition, companies can use the NayaOne Sandbox to experiment with concepts such as compliance, decentralised finance (DeFi), asset tokenisation, and fraud. NayaOne’s platform was designed to simplify technical aspects and foster cross-functional collaboration. The end goal is to provide financial institutions with access to innovative blockchain solutions such as Polymesh through NayaOne, which can result in improved efficiency and reduced costs.
In the company press release, Polymesh officials brought up NayaOne’s accomplishments, including their success in helping the world's largest financial institutions test and go-to-market with new technology solutions. They also mentioned Polymesh’s offering, which can help anyone looking to experiment with tokenisation, as well as NayaOne’s role in providing visibility.
Representatives from NayaOne welcomed Polymesh into their network and emphasised the potential to help hundreds of banks to experiment with digital asset tokenisation on blockchain in an effective and efficient manner.
In May 2023, NayaOne partnered with carbon footprint management company Cogo to improve carbon footprint tracking tools for banks. This new collaboration aims to accelerate carbon tracking tool integration into the banking apps used by financial institutions. As a result of this collaboration, the financial institutions that have access to NayaOne’s Digital Transformation Platform will have the ability to utilse Cogo’s carbon footprint API in a 'sandbox' environment.
The main advantage of conducting the testing in Cogo’s isolated environment is that this will reduce the length of the ‘test and learn’ phase usually associated with the integration of a new feature.
In April 2023, NayaOne was selected by the Financial Conduct Authority to build and operate its permanent digital sandbox. The move came after the FCA ran two digital sandbox pilots between 2020 and 2022 that gave startups access to synthetic and publicly available data assets to test, train, and validate their products. Following the pilots, the FCA announced it would make the digital sandbox permanent starting in the summer of 2023.
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