Irish fintech firm Sentenial has announced the launch of Nuapay which gives businesses a non-bank alternative for payment processing.

The launch comes on the back of legislation introduced by the European Commission making it possible for non-banks to obtain a Payment Institution license and compete with banks.

Nuapay offers businesses the services they need to manage direct debit and credit transfer payments and 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 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.”

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