Sandbox-as-a-Service Poised to Remove Friction From Bank-Vendor Partnerships

Few financial institutions (FIs) are choosing to develop technology in-house, indicating a growing reliance on third-party FinTechs to meet their needs. However, sifting through the multitude of options to find the right vendor can be a daunting and resource-intensive process, said Karan Jain, CEO of NayaOne.
There are so many FinTechs on the market, and it is really hard to know which one actually works, and which one is going to be good for you and your business.
Karan Jain
CEO at NayaOne
Jain told PYMNTS in an interview. Moreover, FinTechs tend to be “frugal and ambitious,” he said, often claiming to provide all-in-one solutions. However, the reality may not align with their promises, leading to discrepancies between expectations and outcomes upon implementation.
These are gaps that sandbox-as-a-service platforms like NayaOne can help fill with its marketplace of vetted FinTechs, streamlining collaboration between regulated entities like banks and insurers and tech vendors.
It [normally] takes banks at least 12 months to make a [vendor] decision, but we’re able to bring that down to a number of weeks. We have proof of that from our customers.
Karan Jain
CEO at NayaOne
For instance, a bank identifies a need for a particular solution, such as a Know-Your-Customer (KYC) solution, a payment solution or a generative AI solution.
They then go to the marketplace platform featuring over 350 curated and vetted vendors and search for solutions based on their specific use case or by the vendor’s name. Once a suitable vendor is selected, the user proceeds to choose synthetic data tailored to mimic real-world scenarios, such as personally identifiable information (PII) and transaction data to conduct a proof of concept (POC).
During this phase, they can invite other relevant teams, such as tech teams or business units, for cross-functional collaboration to evaluate the suitability of the chosen vendor.
If the POC yields satisfactory results, the process continues. However, if alternative options arise, NayaOne can onboard other vendor prospects, which, per Jain, can be done within a matter of weeks.

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