Irish payments group Sentenial has introduced a service called Nuapay that will offer businesses a non-bank alternative for payment processing.
The launch follows legislation introduced by the European Commission (EC) that enables institutions other than banks to obtain a payment institution licence.
Nuapay is a cloud-based service that manages direct debit and credit transfer payments for businesses. It is promoting the service is suitable for companies that either want to start collecting direct debits for the first time, or those which already process payments but are seeking to cut the cost.
“Nuapay is a simple extension of our existing services,” said Sentenial chief executive officer (CEO) Sean Fitzgerald. “We spent 10 years building cloud-based payments services for banks and businesses in Europe. Now we are making these services directly available to all businesses, of every size. There is no need for a bank now.”
Sentenial was set up in 2003 and is based in Maynooth, north County Kildare. The company now processes billions of euro of payments each month across 34 European countries.
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