UK Startup Griffin Launches BaaS Sandbox

Griffin’s sandbox environment is officially out of beta and ready for exploration

Griffin sandbox

Source: griffin.sh

BaaS (Banking as a Service) fintech Griffin announced that all fintechs and brands that want to build a prototype or experiment on its proprietary platform can now use the firm’s sandbox. The service is free and has no access limitations.

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Griffin’s full-stack BaaS platform can help engineers test and develop proof of concepts. It also has in-built financial crime prevention tools, which can be integrated directly against the API or using the intuitive dashboard.

Sandbox functions

At present, the sandbox allows users to simulate:

  • Onboarding 
  • KYC/KYB verification checks
  • Opening a corporate operational bank account 
  • Generating segregated bank accounts for customers
  • Transactions to external accounts 
  • Transfers between internal accounts
  • Adding new payees 
  • Overview of payments and transactions

Once the user signs up for sandbox testing, the function will be available immediately. In addition, Griffin aims to get the projects fully live within one week of starting the process.

Who’s up for it?

One of the first companies to use Griffin’s sandbox is a Hong Kong-based digital marketplace ProMEX. The company will utilise the new platform to build a prototype version of its trading app for the UK market. That process will include customising KYC workflows, testing the decision accuracy of ID checks, creating test customer bank accounts, and simulating payments between buyers and sellers.

Future prospects

Furthermore, Griffin has applied to become a bank with the PRA and the FCA. Upon the company’s authorisation, fintechs will be able to use the platform to build and launch regulated financial services apps. Besides, Griffin will be offering full bank accounts – with deposits insured under the FSCS – for businesses and their clients.

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