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Griffin moves banking-as-a-service sandbox out of beta

Griffin moves banking-as-a-service sandbox out of beta

UK-based banking-as-a-service startup Griffin has launched a sandbox for fintechs to build prototypes and test applications on its platform.

ProMEX, a Hong Kong-based digital marketplace for trading physical commodities for cash or stocks, is one of the first companies to use Griffin’s sandbox, building a prototype version of its app for the UK market. The test environment included customising KYC workflows, testing the decision accuracy of identity checks, creating mock customer bank accounts, and simulating payments between buyers and sellers.

Guido Glowania, CSO of ProMEX says: “As a fintech in the early stages of UK expansion, we sought a platform that would provide an open and collaborative iteration process. By building and testing our MVP on Griffin’s sandbox, we have significantly reduced the time and resources needed to build our UK app, allowing us to focus on launching the product, and driving adoption in the UK market.”

Currently, the sandbox allows users to simulate:
• Onboarding customers and running KYC/KYB verification checks with Verify
• Opening an operational bank account for their own organisation
• Generating segregated bank accounts (safeguarded and client money) for customers
• Making payments to external accounts and transfers between internal accounts
• Adding new payees and viewing payments and transactions

“We aim to lower the barriers to entry for fintechs and brands building embedded finance products, and launching our sandbox is an important step forward,” David Jarvis, CEO and co-founder of Griffin says. “Our open platform will make it simple and accessible for engineers or product managers to start building without financial commitment, sales calls, NDAs or long wait times.”

Griffin is currently seeking authorisation to become a bank with the PRA and the FCA. Jarvis says that upon authorisation, fintechs will be able use the platform to build and launch regulated financial services apps quickly.

Griffin recently closed a $15.5 million funding round led by Notion Capital and launched its first BaaS product, Verify, which helps fintechs manage risk, automate KYC and KYB checks, and streamline customer onboarding.

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