Evaluating a potential fintech partner doesn’t have to be a headache. So-called sandboxes – or self-contained test environments with synthetic data and prototyping tools – can take the pain out of proof-of-concepts for highly regulated incumbents that are eager to work with fintechs.
Lloyds Banking Group has launched a new “Innovation Sandbox” in partnership with NayaOne, which will accelerate its ability to evaluate fintechs.
Relationships with cutting-edge startups can help legacy institutions like Lloyds bring new features to their products or revamp their own internal processes, but their security and regulatory requirements can mean that any integration requires significant investment – even before both parties decide a relationship is the ultimately the right fit.
NayaOne aims to change that. Through its sandboxing tools, it promises to help highly regulated financial services firms test out fintech partnerships securely, in less time, and at a lower cost.
“The launch of the Innovation Sandbox has improved our ability to experiment and learn with the fintechs at pace,” Lloyds’ chief technology officer Vic Weigler said in a press release.