Banking-as-a-Service Fintech Griffin officially moves the sandbox out of beta, allowing developers to test and develop proofs of concept for embedded financial products.
The Griffin Sandbox is now accessible to fintechs and developers building prototypes and experimenting with Griffin’s platform. Unlimited access and no cost.
We aim to lower the barriers to entry for fintechs and brands to build embedded financial products, and the launch of the sandbox is an important step forward. David Jarvisexplains the company’s CEO and co-founder.
Our open platform makes it easy for engineers and product managers to start building without financial commitments, sales calls, NDAs, or long wait times, continues Jarvis.
Griffin sandbox features
The sandbox allows engineers to test and develop concepts using Griffin’s full-stack BaaS platform and financial crime prevention tools.
Sandboxes can be accessed either by integrating directly against the API or through the Griffin Dashboard.
Currently, sandboxes allow users to simulate certain product operations, such as customer onboarding and performing KYC/KYB verification checks using Verify. Griffin’s onboarding product.
Users can also use sandboxes to open operational bank accounts for their organization and generate segregated bank accounts (protected customer money) for their customers.
Sandboxes allow users to make payments to external accounts, transfer money between internal accounts, add new recipients, and view payments and transactions.
Breaking down fintech barriers
promex was one of the first companies to use Griffin’s sandbox. The Hong Kong-based company offers a digital marketplace for exchanging physical commodities for cash or shares.
Worked on the sandbox and built a prototype version of the app for the UK market.
Through Griffin’s sandbox, ProMEX is the app prototypeThe prototype included customizing KYC workflows, testing identity verification decision-making accuracy, creating mock customer bank accounts, and simulating payments between buyers and sellers.
As a fintech company in the early stages of expansion in the UK, we were looking for a platform that offered an open and collaborative iteration process, said the company’s CSO. Guido Glowania.
“By building and testing MVP in Griffin’s sandbox, we have significantly reduced the time and resources required to build our UK app, allowing us to focus on launching our product and driving adoption in the UK market. Now, continues Glowania.
become a bank
Griffin, announced in May of this year, is now seeking authorization to become a bank. prudential regulator (PRA) and Financial Conduct Authority (FCA).
Once approved, fintech users will be able to utilize the platform to build and launch regulated financial services apps.
Created by experienced Silicon Valley founder engineers and led by a team of banking and technology experts, Griffin recently raised $15.5 million in funding. funding round guided by concept capital.
The industry is looking for banking partners that can break down barriers to entry for emerging fintechs and enable innovators to build and launch quickly. Steven chandler, Managing Partner of Notion Capital. The launch of Griffin’s sandbox is an important step towards becoming a foundational bank.