Lloyds Bank launches FinTech sandbox with NayaOne
By Gloria Methri
Lloyds Banking Group has announced the launch of its Innovation Sandbox to accelerate collaboration with FinTechs and improve its digital products. The sandbox, which has been developed in partnership with NayaOne, will help the banking group bring a variety of FinTech opportunities through the design and test cycle.
Several experiments have already been conducted on the sandbox, allowing the bank to collaborate with potential partners and shape product development together.
“The launch of the Innovation Sandbox has improved our ability to experiment and learn with FinTechs at pace,” said Vic Weigler, Chief Technology Officer at Lloyds Banking Group. “We are working to maximise the value of the Sandbox and increase the velocity of technology-led innovation in supporting our growth strategy.”
Using the NayaOne platform financial institutions are able to run multiple proofs-of-concept with FinTechs in weeks, 75% quicker than the industry norm of many months.
Karan Jain, CEO NayaOne said, “We are extremely proud to be working with Lloyds Banking Group on their Innovation Sandbox. It is clear this will enable the bank’s growth strategy through technology-led innovation, strengthen the UK financial ecosystem, and deliver on the Fintech Delivery Pledge.”
NayaOne is a service provider that offers digital sandboxes to larger financial institutions to evaluate FinTechs in a structured environment. The platform also provides firms with an end-to-end innovation infrastructure, enabling them to evaluate rapidly and develop new digital offerings using emerging technologies and FinTechs.
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