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A total of 15 FinTech startups have been selected to take part in Accenture’s 2016 FinTech Innovation Lab London.

The lab, launched by Accenture in 2012, is a collaboration between Accenture and 16 leading financial institutions, including Barclays, Citi, Goldman Sachs, HSBC and JPMorgan.

Those selected to take part in this year’s program are: AimBrain, Albert, AlgoDynamix, Clausematch, Contego, Crowdaura, Cutover, PassFort, PayKey, Quotip, SBDA Group, Talent Rank, Undo, Voleo and ZeroDB.

Among the ideas to be developed in the lab are an application of blockchain technology, cognitive computing and real-time risk detection.

Mentoring programme

During the 12-week mentoring program, FinTech entrepreneurs will be able to accelerate product development while the participating banks will gain exposure to innovative technologies.

“The disruption of financial services by FinTech entrepreneurs continues at speed” said Richard Lumb, group chief executive of Financial Services at Accenture.

He went on to say that Accenture is “incredibly excited” about working with this year’s entrepreneurs, with the aim of making banking better, cheaper and faster.

“They offer some exciting innovations and have demonstrated exceptional creativity in what has been a record breaking year for applications from more than 30 countries, confirming that London is very much the centre of Europe’s thriving FinTech community,” he added.

Level39

The Innovation Lab will be hosted at Canary Wharf’s Level39, which is a prominent hub for FinTech innovation.

Contego CEO Adrian Black said he is looking forward to working in the collaborative environment at Level39 and “working with potential future customers to validate and refine the Contego proposition, gain valuable insights into the banking sector and develop strong relationships with senior industry executives”.

His company runs real-time and comprehensive checks on people, companies and ID documents for financial services businesses.

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