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Sentenial launches non-bank alternative for payment processing

Irish fintech firm Sentenial has announced the launch of Nuapay, giving businesses a non-bank alternative for payment processing for the first time

Following legislation introduced by the European Commission making it possible for non-banks to obtain a Payment Institution license and compete with banks, Sentenial, already one of Europe’s leading providers of payment technology, launches Nuapay with a mission to bring the payment services available to European businesses into the 21st century.

Nuapay, a payment service in the cloud, offers businesses everything they need to efficiently manage direct debit and credit transfer payments with straightforward set-up and clever functionality to take away the delays and frustrations associated with banks. Nuapay has already processed payments across 34 European countries so businesses can easily manage major European expansion with a flexible solution that has traditionally been reserved for much bigger companies.

Nuapay is suitable for businesses that either want to start collecting direct debits for the first time or those who already process payments but now want a better service at a better price.

Sean Fitzgerald, CEO of Sentenial said, "Regulation is usually a pain, but something great was buried deep in the EU’s Payments Services Directive which introduced SEPA. Most people overlooked the creation of Payment Institutions, but Sentenial saw an opportunity to deeply disrupt a market in need of change."

"Nuapay is a simple extension of our existing services. We spent ten years building best-in-class cloud based payments services for banks and businesses in Europe. Europe’s biggest banks and businesses use us, so we have to be the best, every day. Now we are making these great services directly available to all businesses, of every size, using our Payments Institution License. What was previously only available to a privileged set is now there for all to use. There is no need for a bank now. We are democratizing great payments services. It’s a new world and Sentenial is leading the charge."

Nuapay is built on Sentenial’s expertise as a SEPA payment solution provider to more than 1,000 customers, banks and companies worldwide, managing payments worth billions of euro every month.