StreamMind’s trust in quick payments

The need for quick transactions has increased dramatically, and quick payments are becoming more and more popular as a preferred method of making financial transactions. The adoption of rapid payments by consumers and businesses has led to the necessity of creating a safe environment that maintains integrity and confidence.

The CEO of deep tech pioneer Streammind, Nicolas Muhadri, talks about the growing difficulties facing the fintech industry, especially with regard to the rise in rapid payments and the growing threat of fraud.

He also describes here how the technologies of StreamMind have been developed to provide a special method of enhancing trust and financial honesty.

According to a recent Strategy@report, credit transfers accounted for 24% of all transactions in Europe in 2021, or 94% of the total transaction value, reflecting the trend towards fast payments.

A new issue emerges as the financial landscape moves faster toward the efficiency of instantaneous payments: the increase in digital transactions has made it easier for fraudsters to take advantage of weaknesses, leading to cases of identity theft and payment fraud.

The European Commission has put forth a proactive mandate mandating payment service providers (PSPs) to undertake IBAN-name checks in order to address this urgent issue.

This calculated move demonstrates the industry’s resolve to reduce fraudulent transactions. IBAN-name checks provide an extra degree of security and trust by confirming the legitimacy of account holders’ names and payment account identifiers, therefore guaranteeing transaction accuracy.

According to the proposal, PSPs must alert their clients if they find a difference between a payee’s name and the IBAN they have entered.

Inventive fixes

StreamMind’s journey has been marked by a relentless pursuit of creative solutions to address the difficulties posed by real-time payments and the growing threat of payment fraud, underpinned by 15 years of research and development.

The result of this effort is our “LUCY” technologies, which are smoothly included into SEPAmail’s architecture, a secure messaging platform built on an open architecture.

StreamMind is honored to have been the first software editor for SEPAmail.eu. Our interbank technology gives us a unique edge, enabling us to understand market demands and develop ground-breaking solutions. Millions of individuals utilize this network each year to access hundreds of banks and businesses around Europe.

Using SEPAmail’s DIAMOND service, our LUCY DIAMOND service cross-references current bank account information. StreamMind provides organizations with a powerful tool to fight payment fraud and guarantee data integrity during transactions by combining the strength of SEPAmail and LUCY DIAMOND.

The smooth integration of LUCY DIAMOND into the payment process has been made possible by the development of quick payments and the increasing need to stop fraud. By enabling consumers to confirm the IBAN and account holder’s name together, our technology strengthens security and promotes confidence in all financial transactions.

Minimizing mistakes

Among the advantages are protection from impersonation frauds, fake suppliers, and dishonest clients. In addition to providing this essential security, LUCY DIAMOND aims to reduce inaccuracies in accounting and supplier or customer data, strengthening the accuracy of payment data.

Its open technology ensures a smooth and effective workflow by integrating easily with current systems. The service guarantees immediate responses to every verification request, and its adaptability is demonstrated by its three available formats: online portal, API, and mobile (smartphone or tablet). Furthermore, the verification results are verified by the SEPAmail Diamond network.

LUCYPHONE

Another cornerstone of our Lucy technologies, LUCYPHONE, battles the growing threat of identity theft. With our lives becoming more and more integrated with digital interfaces, it is critical to protect personal data.

LUCYPHONE uses the networks of mobile phone providers to verify a person’s identity based just on their phone number. This powerful solution effectively thwarts identity theft attempts while providing organizations with access to critical identifying information.

Businesses may easily obtain a variety of insightful data and insights about phone lines with the help of LUCYPHONE. This includes the owner of the phone line’s identifying information, a thorough background check on the phone provider, and notifications of any changes to the phone’s operation, including swapping out the SIM card, IMEI, or phone number. In addition, LUCYPHONE grants users access to subscription-specific information, such as package details, prepaid card details, and subscription amounts.

The inventiveness that goes into LUCYDIAMOND and LUCYPHONE helps organizations fight identity theft and payment fraud while also strengthening the data security framework that supports contemporary financial transactions.

Enhancing repute

Preventing identity theft and payment fraud has advantages for both individuals and organizations that go well beyond the world of financial institutions. The financial ecosystem will benefit greatly from the implementation of proactive procedures like IBAN-name checks and identity verification using technology like LUCYPHONE. A key component of these initiatives is increased client trust, which boosts the standing of financial institutions and fosters confidence in digital transactions.

Both people and companies benefit from the knock-on effect, as they incur less losses and are able to conduct business with greater confidence. The financial landscape grows more resilient as fraud prevention gains prominence, creating an atmosphere that is centered around integrity, security, and trust.