The challenge of integrating with fintechs is one of the biggest slowdowns of digital transformation, according to bank CIOs. A startup aims to make collaboration much faster and easier.
Sandbox Banking just raised seed funding for its low-code integration platform, Glyue, which helps banks connect fintech products into their existing systems.
Making legacy core banking systems compatible with new technology can require a tremendous amount of work, but Sandbox says it can reduce development times of common integrations by 80%.
Customers are using APIs built with Glyue to integrate chatbots, balance sheet optimization tools, or banking-as-a-service solutions, which can contribute to top-line revenue growth for them via the interchange revenue from fintech end-users, CEO Ravi Balasubramanian told Insights Distilled.
Sandbox counts United Bank, Bank Newport, and Silicon Valley Bank – which uses the Glyue platform to move data in real-time between its commercial lending systems and its core servicing platforms – among its customers.
Just as Stripe has made it dead-simple for apps to accept payments, Sandbox makes working with fintechs a breeze, according to Tuesday Capital investor Patrick Gallagher.
“What Stripe did for accessibility, Sandbox is poised to do with fintech integrations,” he said. “They are the ‘Glyue’ (pun intended) required to connect the banking sector to the fintech innovations required to compete over the next decade.”