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Originally founded in 2004 in Barcelona, Spain by Francisco J. Martin, Marc Torrens, and Jon Herlocker, Strands is a Miami, Florida-based financial technology software company developing software solutions for the banking industry using big data, artificial intelligence (AI), and machine learning (ML). The company develops software and solutions for three banking types, open banking, SME banking, and retail banking.
Open banking uses open APIs that allow third-party developers to build applications around a financial institution, allowing consumers to integrate their financial information from applications, like Quickbooks or Xero, to their bank account. Open banking is more transparent than traditional banking software and applications with open data and private data. Strands offer an API software platform for banks looking to transition or develop an open banking model.
Strands developed an SME banking technology that leverages AI and ML in a suite of five total products. The SME banking products include:
- BFM-Business Financial Management (an analytics program for banking customers and their business)
- Engager (a real-time product that translates data to customer insights)
- Open Hub (an interface leveraging open banking methods)
- CLO-Customer Linked Offers (a marketplace of personalized offers for customers from merchants).
Strands' retail baking technology also includes a suite of software for banks and bank customers. The retail banking products include:
- PFM-Personal Financial Management (a personal finance management tool for banking customers)
- Engager (a real-time product that translates data to customer insights)
- Open Hub (an interface leveraging open banking methods)
- CLO-Customer-Linked Offer (a marketplace of personalized offers for customers from merchants)
Strands released a developer portal using its open APIs. The portal is to enable devs to be capable of developing third-party applications that integrate with Strands' other products and services. The portal includes the full API Catalog and tutorials that guide devs through common user actions. This service is open-sourced and free for developers to use when they sign-up to become a "partner" with Strands. The Developer Portal is Strands' latest product offering.
On March 30, 2020, it was announced that CRIF, a global credit bureau, business information, and credit and open banking solutions company, would acquire Strands. The deal was finalized and closed on April 2, 2020, and brought Strands to the CRIF’s client base that included 6,300 banks, 55,000 businesses, and 310,000 consumers across 50 countries, as of March 2020.
