November 14, 2013
The European payments council has introduced SEPA- the Single European Payments Area to harmonize payments across Europe. This means that the process of making payments from one country to another across Europe is made easier.This will help simplify the existing banking relationships and reduce administrative costs. It will allow companies to make all of their European payments from a central location.
The European payments council has written a SEPA rulebook that defines new formats and standards for electronic payments. All companies that fall within the Eurozone would be required to adopt the SEPA payments standard by Feb 1, 2014. SEPA mandates that all credit transfers and direct debits in Euro to have migrated to the new Single European Payments area by the deadline of early Feb 2014.
Sentenial has identified this niche opportunity of SEPA compliance and has developed a service to address the needs of companies within the Eurozone. The migration to SEPA compliance for all companies within the Eurozone is estimated at a staggering Euro 60 Bn a year in payments processing and Sentenial is all set to encash on this opportunity.
Sentenial is a specialist provider of SEPA payment solutions for Pan European banks and corporates. Sentenial has developed a SEPA migration and management service that will make it easier for companies to adopt SEPA. The SEPA migration and management service from Sentenial is made up of modules that cover the entire processing related to SEPA i.e from migrating all of the existing mandates to processing SEPA payments. All together this solution provides a complete package for SEPA adoption. Sentenial has designed this product to be directly accesible via the internet.
This is how Sentenial works:
There are few other players in this space such as Accesspay offering a SEPA migration service similar to that of Sentenial. But Sentenial has emerged as the trusted choice of leading European banks and over 500 corporate customers.Sentenial has been chosen by 5 of Europe's top banks and in Ireland by all the main clearing banks.When the SEPA comes into existance in 2014 Sentenial will be responsible for processing over Euro 60 Bn worth of payments a year for companies and banks across Europe.
Sentenial was founded by Sean Fitzgerald in 2003. Currently Sean serves as the CEO of Sentenial. The Dublin headquartered Sentenial has planned a Euro 20 Mn expansion in 2012 with 4 new offices accross Europe. It also is hiring close to 110 new employees to take advantage of the SEPA related boost to the business.Sean estimates that Sentenial will be worth over Euro 100 mn in the coming years.