Banks and fintech start-ups are being invited to join Lloyds second regulatory sandbox cohort for the testing of innovative financial products. Of the 69 firms who applied, 18 of these have been deemed ready to proceed. Among the incumbents, HSBC will test an app developed in partnership with Pariti Technologies to help customers better manage their finances, while Lloyds banking Group is experimenting with a new approach for branch banking, aligning the physical experience with online and phone-based services. Among those, HSBC will test an app to help customers manage their finances, while the Financial Conduct Authority's is trialling a new approach to branch banking more closely aligned with online and phone-based services. Start-ups include Billon , a blockchain -based platform that facilitates the secure transfer and holding of funds; Lloyds , a cross-border money transfer service powered by blockchain , and the Financial Conduct Authority's , an insurance product with an automated claims process.
Banks and fintech start-ups are being invited to join Lloyds second regulatory sandbox cohort for the testing of innovative financial products. Of the 69 firms who applied, 18 of these have been deemed ready to proceed. Among those, HSBC will test an app to help customers manage their finances, while the Financial Conduct Authority's is trialling a new approach to branch banking more closely aligned with online and phone-based services. Start-ups include Billon , a blockchain -based platform that facilitates the secure transfer and holding of funds; Lloyds , a cross-border money transfer service powered by blockchain , and the Financial Conduct Authority's , an insurance product with an automated claims process.