SideCare automates its payment collections through a banking API

SideCare is revolutionizing how companies choose and manage the best benefits packages (including health insurance, pensions, etc.) for their employees. By integrating thousands of insurance and pension contracts and leveraging advanced data analysis, SideCare enables its business clients to choose products that best suit their employees’ needs at competitive prices. The French company has also developed an all-in-one platform where company staff can conveniently manage their benefits online, seamlessly integrating with HR platforms such as Payfit, Lucca, or Silae. Staff members can also access health services such as teleconsultation and mental health support.

Founded in 2017, SideCare has experienced significant growth, boasting 5,000 business clients and managing benefits for 80,000 individuals.

Some large insurance companies have delegated the distribution and management of their health, insurance, and pension products to SideCare. This means that business clients interact directly with SideCare throughout the entire sales and service cycle, including pre-sale, sale, onboarding, and ongoing product servicing.

SideCare handles the complete management of insurance premiums collection when clients subscribe to products or services, as well as the claim process initiated by policyholders for reimbursement. However, SideCare previously relied on cumbersome manual processes involving downloading and manipulating large datasets, and manually adding or updating policyholders’ bank details.

Louis Fourrier aimed to streamline processes, automate tasks, and segment incoming and outgoing transactions by insurers. While various approaches were considered, the optimal solution involved seamlessly integrating a banking API into SideCare’s tools.

However, traditional banks did not offer a suitable banking API. Although a fintech’s API partially met some needs, challenges remained:

• Segmentation of transactions by insurer was not supported.
• Fees for using their API would have been deducted from insurance premiums paid by policyholders, complicating reconciliation and reporting for SideCare.

Louis Fourrier ultimately chose Memo Bank, whose Premium banking API was the only that fully met his requirements. 

Memo Bank’s Premium Bank API perfectly matched SideCare’s requirements:

• It enabled end-to-end automation of SEPA direct debits via API;
• It facilitated segmentation of transactions for each insurance through additional current accounts and the executed of transactions from these accounts.

Louis Fourrier and his team tested Memo Bank’s API and found it exceptionally user-friendly, with clear documentation that allowed SideCare to integrate the banking API within just one week.

According to Louis, Memo Bank’s API outshone others previously tested due to its superior design, flexibility, and speed. Payments are processed within 24 hours, and SideCare receives instant notifications for each transaction.

Louis Fourrier was impressed by Memo Bank’s comprehensive, integrated solution, which consolidates various banking needs into a single, versatile product. As SideCare continues to utilize Memo Bank’s services, Memo Bank is poised to become one of its primary banking partners. With its recent banking licence, SideCare anticipates a long-term partnership with Memo Bank.

Louis Fourrier also commended Memo Bank for its proactive approach, both technically and through their dedicated relationship manager, Arthur Bourdillon.