Reducing the friction between fintechs and large financial institutions.
High street bank Lloyds is looking to accelerate its work with fintechs through the launch of its own sandbox environment that will speed up the process.
The sandbox, which has been developed in partnership with NayaOne, comes as part of Lloyds’ public Fintech Delivery Pledge to improve the workings between fintechs and incumbents.
“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. Strengthening the UK’s financial ecosystem is part of how we Help Britain Prosper.”
In its release announcing the sandbox, Lloyds wrote: “Fintechs have shifted the competitive landscape in the sector, offering opportunities for established players to innovate their products and services and revolutionise their operations.”
NayaOne is a service provider that offers digital sandboxes for larger financial institutions to evaluate fintechs in a structured environment and also operates a marketplace of vetted fintech solutions.
“We are extremely proud to be working with Lloyds Banking Group on their Innovation Sandbox,” Karan Jain, the CEO of NayaOne, told Finextra.
“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.”