Test sandbox offered to new users
Griffin, a London-based financial services firm serving fintechs and start-ups has been authorised by the UK's Prudential Regulation Authority to operate as a bank, with some restrictions.
Griffin offers access to its suite of BaaS products via its sandbox - which it describes as a free, comprehensive test environment. The sandbox allows users to experiment with Griffin's API, build prototypes of financial products and test drive new features, it said.
“Becoming a bank is testament to the determination of our team, who have been tirelessly building a modern core banking system, a resilient operational backbone and a robust compliance framework, said David Jarvis, CEO and co-founder of Griffin (pictured on the right alongside CTO Allen Rohner). "This will enable us to deliver an exceptional banking platform for the UK fintech community.”
Now it is registered as a bank, Griffin can hold a limited amount of deposits and carry out a limited amount of payment services. Griffin said it will continue to work closely with the regulators in building an API-first bank and will also further develop its systems and controls.
Griffin will begin working with a select group of customers - including Liberis, an embedded finance platform, who will receive early access to its BaaS products and provide valuable feedback as the bank prepares for general availability.