Seven finalists for this year's FinTech Innovation Lab have been announced, showcasing a range of technologies including open source trading systems, mobile payments and big data analytics.

The start-up accelerator was launched in 2012 to support the development of new technologies for use in the financial services industry, and is backed by Accenture, the Technology Strategy Board and the London Mayor's office.

The finalists for this year's project include PhotoPay, which allows users to scan bills smartphone and make payments in one click, FinGenius, which uses artificial intelligence and real-time analytics to find useful information in mounds of data, and uTrade, which aims to enable more innovation and collaboration with trading technolgies through the use of open source systems. Others entrants are Erudine, Logical Glue, PixelPin and Squirro.

Successful applications are enrolled on a 12-week programme in which they are partnered with senior-level bank executives and successful technology entrepreneurs to develop their technologies and business strategies.

At the end of the development process, the start-ups will be invited to present as part of an investor day in front of finance sector businesses.

Participating organisations include Bank of America Merrill Lynch, Barclays, Citi, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, JPMorgan Chase, Lloyds Banking Group, Morgan Stanley, RBS, UBS, Euclid Opportunities, the Greater London Authority and UK Business Angels Association.

"Start-ups are critical to driving growth in our economy and it is absolutely vital that we foster their entrepreneurial talent," said Kit Malthouse, deputy mayor of London for business and enterprise.

"These types of companies can struggle to get their products in front of large organisations and accelerator programmes like the FinTech Innovation Lab provide a gateway to success while helping to ensure that London maintains its status as the global centre for finance."

According to Accenture, start-ups involved in last year's programme have collectively raised over $10 million in investment and have increased employees by 41 percent. More than half of the class have since doubled their revenues.

Previous participants in the Lab included Digital Shadows, a cyber-security company that helps firms identify and monitor their 'digital footprints', and Waratek, whose technology is designed to help companies reduce IT infrastructure costs by using Java to move to the cloud.

Another participant, The Open Bank Project, an open source application programming interface, management platform and app store for the banking industry, was recently accepted to the Open Data Institute's start-up programme..

One of the previous participants of the FinTech Innnovation Lab in New York, True Office, also announced that it had received $3 million series A funding for its 'gamified' compliance training, as well as partnering with Thomson Reuters.

Speaking to ComputerworldUK at last year's event in London, Citi's EMEA CIO Alistair Grant said major banks can benefit from engaging with the start-up community to help foster innovation within their business.