Group 934

Sandbox Banking Partners with MeridianLink to drive digital lending for its portfolio of financial institutions

The Case for Multiple Banking Cores

Sandbox Banking

Financial institutions accelerate digital transformation, significantly reducing the time for clients to receive consumer and mortgage loans

September 18, 2023 (Cambridge, MA) – Sandbox Banking, whose low-code iPaaS banking automation solution, Glyue, connects banking software and systems, data and people to accelerate digital transformation, today announced its partnership with MeridianLink, Inc. (NYSE: MLNK), a leading provider of modern software platforms for financial institutions and consumer reporting agencies. The partnership will provide financial institutions in MeridianLink’s customer portfolio with a seamless cloud-based integration between a multitude of platforms across the life of the loan, enabling them to improve the overall borrower experience, streamline lending operations, and scale business.

The partnership between Sandbox Banking and MeridianLink® signals the importance of ushering in the era of digital transformation for the banking industry, primarily led by building integration technology between enterprise systems and the core. As a systems integrator, Sandbox enables MeridianLink customers to easily connect with the core, as well as customer relationship management (CRM) and accounting systems. Customers can increase operational efficiency through streamlined processes while reducing costs associated with vendor integrations into existing infrastructure.  The integration is aimed at providing banks and credit unions with a comprehensive cloud solution for accelerated loan origination.

“We’re thrilled to partner with MeridianLink to offer their financial institutions a powerful, integrated solution that speeds up their ability to deliver great service,” said Sandbox Banking CEO Ravi Balasubramanian. “This partnership will enable financial institutions to streamline their lending operations, increase efficiency, and provide a better borrower experience. Financial institutions are prioritizing their digital transformation strategy, and our Glyue platform provides the tools and technology credit unions need to stay competitive in the market by connecting their enterprise systems of choice to their core.”

MeridianLink’s software is widely used by banks and credit unions for processing loan applications, managing credit reports, and underwriting loans. With the integration of Sandbox Banking’s Glyue platform, these financial institutions will be able to automate and optimize their loan origination process, reduce costs, and improve the overall borrower experience.

“MeridianLink® Marketplace unites the industry’s most innovative solutions with the MeridianLink® One platform for frictionless lending and exceptional consumer experiences,” said Megan Pulliam, SVP of MeridianLink Marketplace. “Our software combined with Sandbox Banking’s Glyue platform can help financial institutions reduce manual errors, streamline lending operations, and ultimately make more informed, timely decisions. We look forward to working together to deliver value to all our mutual customers.”

The integration between Sandbox Banking and MeridianLink is live. Banks and credit unions interested in learning more about the partnership and how it can benefit their lending operations can contact Sandbox Banking  for more information.

About Sandbox Banking

Sandbox Banking is a fintech building a low-code integration platform called Glyue to help banks and credit unions connect fintech products into their existing systems. Banks and credit unions grow revenue and increase operational efficiency by securely integrating fintech products with their existing infrastructure via Glyue. The company’s fintech partners close financial institution sales faster and can offer seamless integrated experiences across banking customer systems. Sandbox Banking’s investors include Horizon Ventures, Tuesday Capital, Forum Ventures, SixThirty & YCombinator. To learn more about Glyue, visit https://sandboxbanking.com.

About MeridianLink

MeridianLink® (NYSE: MLNK) powers digital lending and account opening for financial institutions and provides data verification solutions for consumer reporting agencies. MeridianLink’s scalable, cloud-based platforms help customers build deeper relationships with consumers through data-driven, personalized experiences across the entire lending life cycle.

MeridianLink enables customers to accelerate revenue growth, reduce risk, and exceed consumer expectations through seamless digital experiences. Its partner marketplace supports hundreds of integrations for tailored innovation. For more than 20 years, MeridianLink has prioritized the democratization of lending for consumers, businesses, and communities. Learn more at www.meridianlink.com.

Featured on PR Newswire: (LINK)

Contact Information

Gabby Champion

Gabby@West-Comms.com

208-779-0239

Group 910

Future Proof Your Core

Future Proof Your Core

Jean Donnelly and Darryl Demos

As mentioned in the Forbes article, “The Banking Crisis Has Only Just Begun”, Ron Shevlin refers to core providers as “Zombies” implying they are getting in the way of digital transformation. And while we all know that there is a lot of finger pointing at core providers for not always meeting your service and/or product expectations, the prospect of a core conversion is absolutely terrifying. :scream:  Undertaking a core conversion can take years and won’t along the way add any benefits for the bank or its clients and, once completed, may still not provide the expected benefits.

Our conversations with our over 100 bank and credit union customers indicate that core conversion often won’t solve your issues and can even slow you down further on your path toward digital adoption, fintech and or BaaS integrations. 

Shevlin also referred to integration platforms like Sandbox Banking that can make it easier to connect ancillary systems to enable a core optimization road map to future proof your investment. 

What are the various options, which can be pursued individually or collectively to future proof your core: 

Option 1: Efficiency and Compliance 

Use all your cores APIs. Get the most value out of your existing core by using existing core middleware to its fullest and staying focused on automating human intervention to reduce costs and or improve compliance and control. The issue is that we know the API deployments are not comprehensive or seamless yet. Industry specialist integration platforms like Sandbox Banking’s Glyue or other low code integration tools, provide field-mapping data and business rules templates that cover middleware data from over 95% of all North American core banking systems.

Option 2: Expand Customer Choice and Bank Revenues 

Connect core APIs to modern digital transformation tools eg. originate corporate deposits online, chatbots for employee voicemail enable banks and credit unions to offer better customer service, more products leading to  more fee revenue and customer retention. By integrating cutting-edge fintechs with existing core banking systems, institutions can unlock new levels of efficiency, customer-centricity, and innovation. Interoperability enables real-time data sharing, enhanced analytics, and streamlined origination and servicing processes, empowering banks and credit unions to offer personalized financial solutions to their customers. Again, industry oriented companies like Sandbox Banking are building adapters to fintechs and enterprise software providers that serve the bank and credit union industry.

Option 3: Enable Business Transformation

Your cores just can’t do some things; bitcoin/international payments/merchant acquisition. In fact,the core providers know this and are focused on expanding their ecosystem to enable providers to fill in their gaps. In certain cases a multi-core or hybrid-core strategy can make begrudging sense. The Glyue platform can help keep things in sync between multiple cores or other downstream systems.

Option 4: Mandatory Conversion

If you have come to the determination that switching cores is your only option (eg your core is being sunset or your bank is merging or being acquired) companies like Sandbox Banking are able to facilitate your migration to move over to other cores without losing existing digital services. A robust library of core and fintech vendor templates, adapters and familiarity with the internal operations of all core systems can radically improve cost, timing and control over a migrations. 

One last point that is reflected throughout the options above; there are 2 kinds of integrators in this space – industry (vertical specialists) or industry agnostic (horizontal specialists). A vertical specialist like Sandbox Banking’s Glyue focus on specific banking data and systems to improve speed, control and predictability of sophisticated digital transformation without the need for large engineering and IT departments. Industry agnostic vendors are excellent too but they are built to serve many kinds of companies so their functionality is more generic, requiring more customization and are usually suited for organizations with large IT, engineering and program management teams.