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Independent Software Vendors

Many business software applications have a need to access some aspect of banking or payment functionality. Traditionally business application, banking and payments all operate as individual silos making life difficult for users.

Sentenial help in removing the problems generated by a silo based environment by providing a range of integrated banking and payment services that can deliver the right access to the right part of a business at the right time.

For system developers Nuapay functionality can be fully embedded within an application using Application Programming Interfaces enabling a totally integrated package to be taken to market.

Embedding Nuapay functionality within an application gives scope to greatly improve the end user experience, enhance operational efficiency and improve security. A fully integrated package can also reduce friction for users by removing the need to establish external links to banks or payment processors.

Partnering with Nuapay creates opportunities for independent software vendors to deliver new and innovative product adding market differentiating capabilities with the aim of setting them apart from the competition and winning market share.

Banking Services

Sentenial is licenced, under its Nuapay brand, as an Authorised Payment Institution giving the ability to issue current accounts to business customers. These accounts support making and receiving payments with the added benefit provided by integrated access to the Sentenial payment engine.

A key feature of the Nuapay environment is that all functionality is accessible via APIs allowing tight integration or embedded applications to be developed.

Real Time Payments

From a global perspective real-time everything, including payments is becoming the norm. Nuapay accounts provide full cover for both sending and receiving real-time payments in both euros and sterling.

Whichever currency is used, the service operates in real-time for both the sending and receiving functions with push notifications available on receipt of a payment.

Incorporating real time payments into an application supports the growing assumption that everything needs to happen instantly.

Open Banking

Open Banking offers two new types of service, firstly, the ability to access data about one of your customers that is held by their bank (Account Information Services) and secondly, the ability to initiate a payment from their bank (Payment Initiation Services). 

Whilst still in their early stages, Open Banking provides scope to disrupt current services with, for example, AIS offering the ability to deploy innovative financial management products or allow real time affordability checks to be made and PIS able to provide low cost, fraud free retail payments. 

Use of these services is restricted to regulated entities and requires knowledge on how to reach a particular bank, what security standards that bank imposes and technical details of the interface provided by the bank.

To simplify use of these services, Sentenial has extended its cloud based platform to offer a common set of APIs that can be used today in conjunction with the major UK banks with access to European banks being added progressively as they build their interfaces. 

Sentenial is itself licenced to provide both AIS and PIS services with the platform able to operate either under Sentenial’s own licence or be white-labelled under the licence of the user.

The basic Open Banking regulations leave gaps in the functionality required to deliver fully operational applications. This is particularly evident in the PIS services. To fill these gaps Sentenial has developed a range of services that provide functionality that retains all of the benefits of Open Banking but allow complete solutions to be deployed with ease.

 

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