Griffin has announced a series of updates involving a new partnership, the beta launch of a product, and insights into upcoming regulatory changes.
A noteworthy collaboration has been established between Griffin and Yonder to enhance credit card top-up features. This partnership allows Yonder customers to increase their credit limit by adding their own funds, thus allowing them to make larger purchases while continuing to earn rewards. The integration is expected to optimise Yonder's payment processes by automating previously manual reconciliation tasks.
Alongside this partnership, Griffin has introduced its new all-purpose bank accounts in beta. These accounts can be embedded at various points within a company's backend workflow or directly within a customer app. This flexibility will simplify payment operations, automate reconciliation processes, and introduce new customer banking functionalities. Griffin is seeking feedback to enhance the product before its full release.
The key features of the new embedded bank accounts include streamlined backend operations, enhanced customer experiences, rapid go-live capabilities, and individual interest-bearing accounts with deposit protection.
Griffin also highlighted significant regulatory changes set to affect payment and e-money firms in the United Kingdom. The Financial Conduct Authority (FCA) is updating its safeguarding rules, impacting hundreds of businesses. Griffin has collaborated with Thistle Initiatives and CMS law experts to explore these changes and guide fintech on adopting them.
The primary takeaways from this discussion include the requirement for daily reconciliations and designated accountability, the need for fintechs to consider diversification for their safeguarding accounts, and the forecasted short time frame for implementing these new, potentially costly changes. Early preparation, it has been advised, is essential to avoid operational challenges with banking partners.
Additionally, Griffin has been active on the podcast circuit, offering insights through various episodes covering topics such as building banking and lending solutions, technical leadership, and fintech integrations. Among the highlights, Phoebe Wallis shared her journey from joining Griffin's pre-banking licence to becoming a key figure in designing financial solutions.
Allen Rohner, CTO and co-founder, discussed the importance of being a technical expert for leaders, while Daniel Cronin from Integrated Finance delved into fintech integrations. Furthermore, Griffin indicated they would be attending Pay360, with Adam slated to speak on growing revenue through embedded payments.
