Sentenial, a provider of payment services to some of Europe's top banks, is to take advantage of EU regulations to set up its own 'disruptive' non-bank alternative for payment processing.
Following legislation introduced by the European Commission making it possible for non-banks to obtain a Payment Institution license and compete with banks, Sentenial has announced plans to take on its own customers with the launch of subsidiary Nuapay.
Sentenial says the cloud-based service will offer businesses everything they need to efficiently manage direct debit and credit transfer payments and "take away the delays and frustrations associated with banks".
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, says Sentenial CEO Sean Fitzgerald.
"Most people overlooked the creation of Payment Institutions, but Sentenial saw an opportunity to deeply disrupt a market in need of change," he says. "What was previously only available to a privileged set is now there for all to use. There is no need for a bank now.”