Financial InstitutionsTalk to the team
Services for Financial Institutions
Sentenial’s Origix platform delivers a range of payment and banking applications from a secure, scalable cloud based environment. In addition to the traditional access mechanisms, all functionality is accessible via APIs resulting in enormous flexibility in the way the services can be used.
All of the services operate within a hierarchical structure allowing them to be delivered to a single organisation through to supporting fully white-labelled implementations allowing financial institutions to offer services to their own customers.
SEPA Clearing and Settlement
For FIs themselves, Sentenial’s Origix IP platform provides an outsourced payment processing solution that includes managed connectivity to various Single Euro Payments Area Clearing and Settlement Mechanisms and can be integration with the FI’s own back office systems
Real Time Payments
The Sentenial platform provides support for the use of SEPA Instant Credit Transfer by way of being connected to the European Banking Association’s RT1 infrastructure. This service can be white labelled allowing suitably licenced FIs to provide their customers with the functionality required to make or receive real-time euro denominated payments.
Further the service is structured to support a financial institution who wishes to provide sponsorship along with the necessary liquidity and clearing access to other financial institutions who require access to euro based real-time payments.
Many Financial Institutions across Europe have a regulatory obligation to engage with Open Banking either in providing payment services or allowing third party access to account information. Additionally organisations are deciding to provide Open Banking services by operating as Payment Initiation Service Provider or an Account Information Service Provider.
Accessing Open Banking
For those wishing to operate as a PISP or as an AISP there is a need to manage the connection, security procedures and interface definition of the target Account Servicing Payment Service Provider (ASPSP). At present there is no European level standardisation of these which makes can lead to considerable complexity in deploying a working solution.
To help in this area, Sentenial has developed an API suite that shields the Third Party Provider from these variabilities giving a common interface irrespective of the specific ASPSP.
To operate as a PISP or an AISP requires the user to be licenced by their local competent authority. Sentenial is itself licenced to provide both Payment Initiation Services and Account Information Services however the Sentenial platform is able to be used either under the Sentenial licence or, in white labelled mode, under the licence of the user.
Services delivered using the basic Open Banking functionality leave some operational gaps. For example with payment processing there is no way to refund a payment or to easily establish if a confirmed payment has failed. By incorporating the account functionality provided under the Nuapay brand, Sentenial has developed an extended range of services that enable the provision of fully featured, easy to implement full stack solutions.