Lloyds Banking Group has launched an “innovation sandbox” to accelerate its collaboration with FinTechs.
The bank said that the move, which is part of its public commitment to the FinTech Delivery Pledge, would help improve its digital products and services.
The Pledge is an industry-wide initative designed to improve the global position of UK financial services by creating partnerships between FinTechs and banks, as well as other large financial institutions.
The sandbox is being rolled out to help drive a range of FinTech opportunities more efficiently and reduce time-to-market through the design and test cycle, said Lloyds.
“The launch of the Innovation Sandbox has improved our ability to experiment and learn with FinTechs at pace,” said Vic Weigler, chief technology officer at Lloyds Banking Group. “We are working to maximise the value of the Sandbox and increase the velocity of technology-led innovation in supporting our growth strategy."
Weigler continued: "Strengthening the UK’s financial ecosystem is part of how we Help Britain Prosper.”
The bank said that several experiments have already been conducted on the sandbox to support product development and collaborate with potential partners, but the organisation did not share details.
Latest News
-
Revolut reveals 2025 vision featuring AI assistant, mortgages, and ATMs
-
ZA Bank launches cryptocurrency trading in ‘Asia first’
-
BIAN launches new developer tools
-
Canadian banks leading on AI, says founder of Evident AI Index
-
Barclays fined £40m over Qatar fundraising failures from 2008
-
Mastercard Multi-Token Network connects to JP Morgan’s Kinexys Digital Payments for settlement
The human firewall: Activating employees to safeguard financial data
As financial services increasingly embrace SaaS and cloud-based technologies, they face emerging threats to safeguard sensitive customer data. While comprehensive IT security measures are essential, the active involvement of employees across organisations is pivotal in ensuring the protection of sensitive data.
Building a secure financial future for instant payments: The convergence of ISO 20022 and fraud detection
The financial landscape is rapidly evolving its approach to real-time transactions under the ISO 20022 standard, and financial institutions must take note. With examples such as the accelerated adoption of SEPA Instant Credit Transfers in Europe and proposed New Payment Architecture (NPA) programme in the UK, the need for swift and effective fraud detection is more crucial than ever.
Data Streaming and Consumer Duty: Transforming customer experience in banking
Introduced at the end of July, the Consumer Duty is a game-changing new set of rules and guidance for financial services institutions in the UK, and companies must look to modernise their systems in adherence with it in mind to create the best customer experience possible.
From insight to action: Empowering financial institutions through advanced technology and collaborative information sharing
The use of Information sharing in enhancing financial crime prevention has been universally agreed as being beneficial. However no-one has been able to agree on how information can be shared safely without breaching data protection laws or having the right systems to facilitate this, Information sharing has re-emerged as a major consideration for financial institutions (FIs) ahead of the Economic Crime and Corporate Transparency Bill being made into law in the UK.
© 2019 Perspective Publishing Privacy & Cookies
Recent Stories