API Labs is an ongoing initiative that will connect both established and challenger organisations with innovators and emergent technologies, which addresses the urgent need for the right kind of innovation in banking and financial services. API Labs enables collaborative innovation in the financial services sector through a unique platform and deep domain expertise, in order to identify and rapidly develop and deliver new products, business models and solutions that may change the way we bank and consume financial services.

API Labs will provide UK and international firms in the financial services sector with a neutral and collaborative venue in which they can incubate internal teams and ideas whilst increasing the speed to market of new solutions by engaging with startups, developers and designers. Located at the Level39 technology accelerator in the heart of Canary Wharf, London's dynamic international finance, business and retail district, API Labs will allow firms to use an 'open innovation' approach to solve the pressing challenges facing banking and the financial services industry, by gaining access to emerging and disruptive trends, products and creative technologies emerging from the specialist technology ecosystem at Level39. The platform will also run consumer focus groups and invite user feedback on new products and services in development.

Chief Executive of Pivotal Innovations and Deputy Head of Level39, Claire Cockerton said, "The banking and finance sector still has huge economic growth potential but has suffered during the crisis from a lack of investment in innovation and the development of the next generation of products and systems needed for efficiency and reliable delivery of services. The sector needs to quickly adapt to industry changes and develop innovative products reflecting the connected digital economy in which we now live. API Labs will help established institutions and innovators rapidly evolve to shape current and future banking and financial services solutions".

Nadeem Shaikh, Founder, Anthemis Group said, "API Labs is the result of the combined perspectives, experience and knowledge that the unique structure of our organisations afford us - we see the challenges faced by both the established financial services organisations and startups. API Labs is the specialised platform providing expertise to these companies to develop, test and go to market with new products and services in short time frames to remain competitive and keep up with the pace of technological innovation".