UK high street bank Lloyds Banking Group has introduced an ‘Innovation Sandbox’, with support from NayaOne, to boost its collaboration efforts with fintechs.
The banking group said the launch of its sandbox will enable it to bring “a variety of fintech opportunities” through the design and test cycle more efficiently.
The new Innovation Sandbox has already been used to conduct a number of experiments around product development and to collaborate with potential partners.
Vic Weigler, chief technology officer at Lloyds Banking Group, said the launch of the Innovation Sandbox has already improved the bank’s “ability to experiment and learn with fintechs at pace”.
“We are working to maximise the value of the Sandbox and increase the velocity of technology-led innovation in supporting our growth strategy,” Weigler said.
Through its digital sandbox and Fintech-as-a-Service offering, NayaOne provides banks with a single point of access to many fintechs and datasets.
Karan Jain, CEO of NayaOne, added: “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.”
Lloyds is a signatory of the industry-wide pledge, which aims to enhance the global position of UK financial services by making partnerships between fintechs and large financial institutions smooth and productive.
Earlier this year, Open Banking infrastructure provider Yapily joined NayaOne’s Fintech Marketplace, making its product available to banks and fintechs.