Sentenial, an Irish financial software vendor, has introduced a new service, called Nuapay, which offers businesses a non-bank alternative for payment processing.

The launch follows a legislation introduced by the European Commission making it possible for non-banks to obtain a Payment Institution license.

Nuapay is a cloud-based payment service that will allow businesses to manage direct debit and credit transfer payments.

It has been designed for businesses that wish to start collecting direct debits for the first time or those who already process payments but now want a service at a better price.

Sentenial CEO Sean Fitzgerald said: "Regulation is usually a pain, but something great was buried deep in the EU’s Payments Services Directive which introduced SEPA. We spent ten years building best-in-class cloud based payments services for banks and businesses in Europe.

"Now we are making these great services directly available to all businesses, of every size, using our Payments Institution License. There is no need for a bank now."

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Nuapay had processed payments across 34 European countries and manages payments worth billions of euro every month.