Nuapay continues to expand with coverage for UK Open Banking and PSD2 Third-Party Payment Service Provider added in 2017 with coverage being extended in 2018. Nuapay is also expanding its coverage of GBP Payments (BACS and Faster Payments/FPS) in 2018. Origix is being extended to cover the new SEPA Instant or SCT INST schemes. This scheme will in turn be introduced to Nuapay.
Uptake and user experiences
Following the aforementioned Tieto tie-up, a first banking customer was found in late 2006 for EuroDebit for SDD and, although it was never confirmed, the identity was strongly assumed to be RBS. Next came ABN Amro in late 2008. Fitzgerald suggested a
separate selection process was undertaken at ABN, rather than relying on RBS’s judgment. As well as compliance, EuroDebit was to support mandate management for ABN and was to replace a range of existing direct debit systems. As such, the multi-scheme, multi-bank, multi-currency capabilities of the platform were important, said Fitzgerald. The bank’s search began around a year earlier and it took the full suite. Sentenial’s Euro Connector Framework was a key part of the solution, he said, providing the interface layer. Sentenial’s belief was that, unlike with SEPA Credit Transfers, where many banks have put in place some form of converter, there is a lot more to SEPA DD. Capgemini worked on the roll-out at ABN, with Sentenial generally preferring to work with a third party for implementation. Sentenial viewed ABN as an ‘aggressive’ bank when it came
to SEPA, which would be interested in Sentenial’s white label model. ‘The scope of the project is expanding,’ Hanrahan said in late 2009. He believed that ABN would look to offer a full SEPA service to both banks and corporates, with Sentenial’s products central to this.
Sentenial believed white labelling enabled faster speed to
market for banks, and it was thought that banks would have greater credibility in selling the product to corporates than Sentenial by itself. ‘From our own experience the banks are the first port of call for corporates around SEPA,’ Hanrahan stated. In turn, from Sentenial’s perspective, white labelling allowed the relatively small company to focus on product development. Following the ABN signing, all was then quiet on the new
customer front for around two years. Nonetheless, Fitzgerald was confident that the regulatory requirement for the EU banks to be SEPA accessible would boost his company’s business in 2010 and this certainly appeared to be the case, when both ING and JP Morgan Chase were added to the user list for its SDD offering in 2010. The former opted for Sentenial to host the system and it was to cover a full suite of SDD services for its corporate clients, on a pan-European basis. Around this time, Sentenial claimed that a number of similar deals with banks were expected, as
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The group continues to expand its suite of products with particular focus on Nuapay so that it gains from the industry trend towards ACH / bank account-based payments and high tech requirements such as API Banking.
well as a deal with a new entrant in the payment space, which specialised in card acquiring. It was thought that JP Morgan Chase would also use
Sentenial’s Origix platform on a hosted, SaaS basis to provide an SDD service for indirect participant banks. By this stage, Sentenial was also hopeful of an extension of the use of Origix by ING. This was live for Belgium following a project which took just a matter of weeks, according to Fitzgerald. He also claimed to be at the contract stage with a large German bank and ‘another significant global player’.
In late 2010, Sentenial also gained its first client in the
French market, Banque Neuflize OBC, which is 99.9 per cent-owned by ABN Amro and signed for EuroDebit R2R. Commerzbank was also added to the Sentenial client list the following year.
Allied Irish Banks (AIB) is a taker of Origix Corporate. This underpins its payment management solution for business customers in Ireland, converting clients’ messages initiated by their legacy payment systems into SEPA-compliant ones to be submitted and processed by AIB’s back office software. Origix Corporate encompasses three modules which cover the migration of legacy mandates, such as Standard18/EMTS, into the SEPA format, ongoing mandate management and the generation of SDDs and SCTs. The SDD part was live at AIB by June 2011, according to Diarmuid Hanrahan, the bank’s head of payments and e-channels. The next step was to reach out to AIB’s customers and raise awareness of SEPA and its benefits, he said. It was still early days for full conversion to SEPA and the market was waiting for the announcement of the end-dates. ‘Large multinationals with refined treasury departments know a lot about SEPA, but the vast majority of corporate users are far behind in their level of awareness,’ said Sentenial’s Hanrahan. Origix was chosen as a result of a four-month selection. ‘We wanted to find a partner that is responsive and close to us and our customers,’ said AIB’s Hanrahan. Sentenial and AIB had a number of mutual clients and collaborated on various domestic payment schemes.
A notable partnership was signed in late 2011, with
Barclays opting to work with Sentenial to offer a pan-European mandate management solution for the bank’s corporate SDD customers. The offering will be based on the Origix Corporate product and will be hosted in Ireland by Sentenial. Richard Martin, managing director for payments and cash management at Barclays Corporate, said: ‘Corporates are now faced with not much time to move away from multiple country formats, processing and submission methods, and we are trying to make sure our corporate clients have as easy a
Payment Systems & Suppliers Report |
www.ibsintelligence.com
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