Lloyds Bank aims to test out fintech partnerships faster and more easily through a new “sandbox” created by NayaOne.
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.
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.