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Ireland-based provider of SaaS solutions for SEPA payments, Sentenial, has set up a payments processing subsidiary, Nuapay. The new company has a payment institution status and is registered in the UK. It will cover multiple markets across Europe. Brian Hanrahan, chief commercial officer, Sentenial, says that the initial focus is on the UK, Ireland and France. Sentenial describes it as a ‘non-bank alternative for payment’ aimed at businesses that need direct debit processing with ‘a better service at a better price’. 

There are already 20 customers signed up for the service, all in the corporate and SME space. 90 per cent of these are new-name wins for the vendor. ‘There is a lot of interest from the fintech companies, so it is reassuring,’ he comments. 

Nuapay was about 18 months in the making, but Sentenial itself has been in the business of processing payments since 2003 and has always specialised in an outsourced service. It claims around 1000 customers, the overwhelming majority of which are in the corporate and SME space. On the banking side, there are around a dozen users, with well-known names like ABN Amro, Barclays, JP Morgan Chase, ING and Commerzbank among them.  

‘It is not like we built the technology and then gave it away for banks, corporates and SMEs to use on premise, we have actually been running it ourselves in a SaaS environment. So we have plenty of experience and are doing all the heavy lifting,’ Hanrahan states. Nuapay utilises the technology built by Sentenial, namely its Origix and Eurodebit product suites. ‘Nuapay is a major part of our business going forward,’ he says, adding that the main competition is coming from banks, as they still dominate the space. Until the Payment Services Directive (PSD) legislation introduced by the European Commission in 2009, which enabled non-banks to obtain a payment institution licence, banks were by and large the only option.

by Darshana Adanwale
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