The European Union has an ambition to reduce the cost to society as a whole of processing payments.
One way of achieving this is to introduce greater competition and innovation into the payments market.
To meet this aim new legislation has been introduced, the Payment Service Directive which came into force during 2009.
This legislation made it possible for specialist businesses to compete with banks in the provision of payment services.
A Payment Institution is a business that is authorised to process payments initiated by card, credit transfers or direct debits and in doing so can provide the same functionality as a bank.
Payment Institutes differ from a bank in the range of products they are able to offer, they cannot provide savings products or issue credit.
Nuapay is a regulated Payment Institution
To provide the necessary security such businesses have to be regulated, like a bank, and obtain a Payment Institution License, Sentenial, already one of Europe’s leading providers of payment technology, took advantage of this opportunity and has obtained a Payment Institution license for its brainchild, Nuapay.
Nuapay is Member of European Payment Associations
Nuapay is an Associate Member of the Association of UK Payment Institutions (AUKPI).
In Ireland, it is an official Member of the Fintech & Payments Association (FPAI).
In France, it is an active Member of the Electronic Money & Payments Committee at the Association Française des Trésoriers d’Entreprise (AFTE).
Do you want to know more about Nuapay ?
Contact us directly via email or phone.