In essence, Tell Money intends to play a significant role in facilitating the establishment and expansion of Griffin Bank, which is a new UK-based bank aimed at assisting companies in developing and launching financial products. These developments come after Tell Money secured a USD 24 million funding round and obtained a full banking licence. Leveraging its advanced tell.gateway service, Tell Money will aid Griffin Bank by providing crucial compliance and Open Banking capabilities thus supporting innovation and advancement within the dynamic fintech sector.
Tell Money aims to ensure Griffin's adherence to the Payment Services Directive 2 (PSD2) legislation, which mandates secure and standardised access to financial data for third-party providers. Through its gateway service, Tell Money simplifies regulatory intricacies, enabling Griffin to concentrate on platform development and delivering exemplary financial services to its clientele.
Tell.gateway facilitates the seamless integration of PSD2-compliant APIs into any account provider (ASPSP), allowing Griffin to effortlessly enable Third Party Providers (TPPs) to integrate Open Banking services and improve the overall user experience and functionality of its platform.
In the official press release, representatives from Tell Money, expressed enthusiasm about the collaboration with Griffin, emphasising Tell Money's commitment to supporting Griffin's notable growth in the Banking-as-a-Service (BaaS) market. They also highlighted how tell.gateway and strategic partnerships can help Griffin with Open Banking compliance, seamless integration, and operational support, allowing Griffin to focus on innovation and delivering great solutions to its clients.
In September 2023, Tell Money collaborated with crypto banking platform Colossos to expand the latter’s Open Banking capabilities.
This collaboration involved the integration of Colossos' platform with tell.money's PSD2 dedicated interface. This cloud-native API-driven service facilitated the swift integration of PSD2-compliant APIs into any account provider (ASPSP) not only in the UK but in other parts of the world as well.
The partnership with Colossos enabled both business and personal users to efficiently invest in the cryptocurrency sector, eliminating the delays associated with traditional banking processes. This streamlined approach allowed users to manage their crypto investments within a single platform.
At the time, representatives from Tell Money brought up the importance of supporting Colossos in its mission, highlighting innovation, compliance, and cost-effectiveness to support an open ecosystem. Representatives from Colossos expressed excitement about the collaboration, citing Tell Money’s reliability, industry knowledge, and responsiveness as key drivers behind the partnership.
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