US-based regional bank Valley National Bank has launched an “innovation platform” powered by fintech NayaOne.
The bank, a subsidiary of Valley National Bancorp, has introduced the new platform to improve how it collaborates with fintechs.
The new innovation platform has been designed to enable Valley National Bank to continue to “transform its operations and deliver best-in-class customer experiences” through partnerships with fintech companies.
It has already been integrated with the products and services of hundreds of fintechs, and also provides a set of tools to create and apply synthetic data, so that the bank and its fintech partners can test new solutions within a separate sandbox environment.
“This platform shows how regional and community banks can access and leverage fintech products and services to meet, and even exceed, customer expectations through partnerships, Valley is committed to inventing on behalf of our customers, while supporting an amazing network of fintech partners,” said Stuart Cook, chief innovation officer at Valley National Bank.
“With this launch, we are deploying a more efficient design-and-test process, which will ultimately help us reduce the time-to-market to deliver new solutions.”
Valley National Bank, which has approximately $57 billion in assets, has branch locations across New York, New Jersey, Florida and Alabama.
NayaOne was recently awarded UK regulator, the Financial Conduct Authority’s (FCA’s), tender to build and operate a permanent ‘Digital Sandbox’ service.
The new permanent Digital Sandbox will support businesses and start-ups in developing new proofs of concept for products and services.
In October last year, NayaOne worked with UK-based Lloyds Banking Group on the launch of its ‘Innovation Sandbox’, designed to bring “a variety of fintech opportunities” through the design and test cycle more efficiently.