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Technological changes let us live our lives and build the world in ways not possible just a few years ago.

We can now seamlessly interconnect computer systems from anywhere in the world allowing businesses to use the best-of-breed service for each individual part of their organisation no matter from who or where the service is delivered. 

Banking and financial services are not immune from these developments leading to the global movement referred to as Open Banking, where banks have to provide third parties with access to data and payment services. 

Driving Open Banking is a mixture of regulatory pressure along with the desire to deliver better services. European regulators are currently forcing the pace with the aim of introducing competition and innovation into the market place. In Europe two aspects of Open Banking are being mandated namely Payment Initiation Services and Account Information Service.

Payment Initiation Services

Initially aimed at retail payments and stands to offer a major switch in the way we pay, either in the physical, online or mobile worlds.

Open Banking payments are:-

  • Fraud free by design
  • Payer friendly, low friction, no data to enter
  • Improved payer acceptance, no chance of fraud
  • Settle funds in real time
  • Have low transaction cost

Sentenial provides a service that goes well beyond the regulatory base filling functional gaps left by this model. Open Banking payments are now easy for merchants to implement letting them benefit from this new, revolutionary payment option.

Account Information services

Provides third party access to customer information held at a bank. The processes can be used to validate ownership of an account or allow selected data to be downloaded, all under the control of the consumer.

The process removes the need for paper documents in many applications, delivering the required data in real time.

Applications already benefiting from this technology include:-

  • Account ownership verification
  • Loan applications
  • Mortgage applications
  • Account aggregation
  • Financial management

Delivering Open Banking

To provide the necessary level of security access to Open Banking functionality is restricted to licenced organisations.

Connecting to any specific bank requires knowledge of how to link to that bank as well as having details about their specific interface, these items are not standardised.

Sentenial is licenced to provide all Open Banking services and has the technology to reach and access banks across Europe.

Sentenial’s systems can also be used in a white-labelled mode for users who have their own licences.

Go to Nuapay Open Banking
Talk to the team