StreamMind promises more agility for banks

StreamMind has started testing its payment solution using SEPAmail interbank messaging services.

The bank is its first playground

The French start-up has designed a software that allows to design and deploy applications without the usual technical constraints.

In a world where uses and consumption patterns are changing rapidly, the agility of information systems has become crucial, and banks are experiencing the challenge. StreamMind provides them with an innovative way to meet the competition from ultra-agile neobanks, without having to rethink their infrastructures.

This young French start-up has in fact designed a software system that enables applications to be designed and deployed without having to worry about the necessary technical components.

« Unlike applications that are currently developed with source code that must then be integrated into information systems inherited from the 1970s, TIME makes it possible to imagine an application by its only function. The technical components are then automatically embedded and the integration is directly done into existing information systems. The software is thus transformed directly into a service », explains Nicolas Muhadri, Managing Director and founder of StreamMind.

SEPAmail for laboratory

The French start-up, which has already convinced two major French mutual banking groups to use its platform to imagine new applications, has begun testing its solution in the field of payments by using SEPAmail interbank messaging services as a laboratory for almost ten years. StreamMind is in fact the historical software editor of the SEPAmail interbank network.

The young company now has an offer of three products that it wishes to deploy on a large scale. The first covers the invoicing chain, from the issue of the invoice to its payment, including the negotiation of the terms and conditions of this payment. The second enables banks to acquire an instant payment solution without having to go through major IT projects, while the third offers an interface for verifying customers’ bank details before making a transfer.

Become the world software champion

But StreamMind’s banking playground is set to expand to other business sectors. The company will initially target the training market, IT security and industry. « Our ambition is to become the world software champion by 2020, with TIME, establishing itself as the operating system for all applications », explains Nicolas Muhadri.

To this end, StreamMind is preparing a capital increase of 10 million euros. This amount should enable the company to more than double its teams by recruiting about forty people to strengthen its marketing, sales, and technical capacities and to open offices in London, Delhi, Amsterdam, and New York by the end of the year.

Article by Ninon Renaud. Read the original article on Les Echos here.