Several experiments have already been conducted on the Sandbox, allowing various parts of the Group to collaborate with potential partners at pace and to shape product development together. The Innovation Sandbox will increase the velocity of technology-led innovation in supporting LBG’s growth strategy.
Using the NayaOne platform, financial institutions are able to run multiple proof-of-concepts with fintechs in weeks, 75% quicker than the industry norm of many months.
Founded in 2018, NayaOne is a global provider of innovation infrastructure and is a transformation partner to financial institutions across the ecosystem. The NayaOne platform provides firms with an end-to-end innovation infrastructure, enabling them to evaluate and develop new digital offerings using emerging technologies and fintechs.
NayaOne provides banks with a single point of access to hundreds of fintechs and datasets, through their Digital Sandbox and Fintech-as-a-Service offering. Regulated firms are able to discover, build, evaluate and scale with fintechs in a matter of weeks instead of months.
This is a step in the group’s journey towards delivering on its public commitment to the Fintech Delivery Pledge – an industry-wide initiative designed to improve the global position of UK financial services by making partnerships between fintechs and large financial institutions smooth and productive.
The key principles of the pledge rest upon the banks providing clear guidance to technology firms on the onboarding process through a dedicated landing page, and providing clarity on progress through being on-boarded. They will provide a named contact, as well as guidance and feedback, and encourage good practice and improvement. Furthermore, the pledge commits banks to implementing these principles and practices within six months of signing.
The Fintech Pledge formalises the continued work of banks to evolve and improve their processes and engagement with the fintech sector, as tech startup companies and banks are looking to partner with each other to drive better consumer and client outcomes. Furthermore, commercial partnerships with banks are an important factor in the growth and scaling capabilities of fintechs, making increased collaboration through the pledge key to creating an environment that enables a globally competitive and world-leading fintech ecosystem.
The way a sandbox functions depends on what is being tested. For instance, a sandbox environment used to test malware is set up and functions differently from a sandbox meant to test code for application updates. For research into potential malware and execution of malicious code, a sandbox requires isolation from production software.
Like a development testing environment, a sandbox can be used to run any application on a safe resource before deploying it to production or giving it access to production resources. A sandbox lets organisations run programs that could potentially cause issues, whether from malware or unintended software flaws, without bogging down or damaging business-critical resources.
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