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. Developed in partnership with NayaOne, the sandbox will help the banking group bring a range of FinTech capabilities through the design and testing cycle.

Several experiments have already been carried out in the sandbox, so that the bank can collaborate with potential partners and shape product development together.

“The launch of the Innovation Sandbox has enhanced our ability to experiment and learn with FinTechs at pace,” said Vic Weigler, Chief Technology Officer at Lloyds Banking Group. “We are working to maximize the value of Sandbox and accelerate technology-driven innovation to support our growth strategy.”

Using the NayaOne platform, financial institutions can run multiple proof-of-concepts with FinTechs within weeks, 75% faster 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 that 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 major financial institutions to evaluate FinTechs in a structured environment. The platform also provides companies with an end-to-end innovation infrastructure, enabling them to rapidly evaluate and develop new digital offerings using new technologies and FinTechs.