StreamMind launches LUCY, the first instant and fully digital KYC solution for enterprises

In the face of increasing cyber attacks, identity theft, and attempted payment fraud, enterprises need to equip themselves with high performance and reactive digital tools. To help them respond to these issues, StreamMind, reference software editor of the SEPAmail inter-banking network, has launched « LUCY », a unique and agile solution that allows enterprises to secure their payments through a simple and instantaneous control of the banking and personal details of their clients and suppliers.

Ten years of R&D around payment security and performance

StreamMind is a high-tech French company specialized in the development of software services that offer compatibility with any information network. The company’s technology enables enterprises to develop and to deploy innovative applications without having to modify their network architecture.

Founded 10 years ago, the French fintech has committed itself to improving payment security and performance. Most notably, StreamMind was the first software editor for the inter-banking infrastructure of SEPAmail, the world’s first network that is both highly secure and open to the internet.

It’s also StreamMind that pioneered the development of the SEPAmail software applications for banks and enterprises, such as SEPAmail DIAMOND, which allows anyone to verify both personal and bank account information, and for which StreamMind is the only software provider accredited by the institution.

LUCY, the first KYC solution that instantly cross-references banking and personal details, based on SEPAmail DIAMOND

StreamMind is now extending its technological expertise through the launch of LUCY, an automatic and digital KYC (Know Your Customer) solution that instantaneously verifies the banking and personal details of clients (individual or enterprise) and suppliers.

Guaranteeing total reliability and optimal security, LUCY completes these verifications via the application SEPAmail DIAMOND, which seeks to reduce input errors, fight fraud, and maintain the reliability of the data managed by all payment senders.

This inter-banking service between subscribers allows, for example, to reduce request rejections, or charges incurred when payments are made on erroneous data. [1]

LUCY offers a simple, direct, and secure access to the inter-bank application SEPAmail DIAMOND, enabling the verification of the banking details of enterprises and individuals.

Furthermore, like all the solutions offered by StreamMind, LUCY is natively compatible with any and all information system, thus removing the dependency on external service providers.

“The manual or semi-automatic KYC solutions that are available today do not sufficiently respond to the needs for immediacy and security, imposed by the internet,” says Nicolas Muhadri, StreamMind CEO. “We are delighted to be able to put our technological expertise, long proven with the major French banks, in the service of enterprise competitiveness.”

Reduce the costly risk of fraud, identity theft, and error

The principle is simple: from the LUCY interface, an enterprise sends a request with all account (IBAN, BIC, SIREN, SIRET, VAT number…) and personal details (last name, first name, birth date) for verification via SEPAmail DIAMOND and is instantly notified of any erroneous characters.

In this way, the enterprise is able to secure its transactions before carrying out an operation. LUCY also signals false domiciles, protecting enterprises against false imputations and human errors – risks that can have serious financial consequences and may also threaten the trust in and reputation of the company.

Thanks to its pay-per-use cost model, LUCY is accessible to all enterprises, regardless of their size or sector of activity. Ultimately, the service will be extended to individuals to secure their transactions between each other, or with professionals (craftsmen, traders …).

About StreamMind

StreamMind is a high-technology French company that was founded in 2008 by Nicolas Muhadri. StreamMind was created with the ambition to standardize software so that any enterprise, regardless of size or sector, may conceive and deploy any application via a purely functional approach, without the normal technological constraints.

From this vision was born the TIME technology, product of 10 years of R&D, which industrializes the production of applications. TIME permits enterprises to deploy agile, secure, and scalable services with an unprecedented time-to-market. The technology is already deployed in various industries (automobile, grand distribution), and it is currently in the process of internationalization.

Press Contacts

Fargo Agency
Adrien Allard – 01 44 82 66 73
Yaelle Besnainou – 01 44 82 95 53

[1] The Lucy solution is based on the interrogation of banks adhering to the application SEPAmail DIAMOND.