Wednesday, June 19, 2024
Sean Fitzgerald | Founder & CEO at Sentenial | Fintech Finance

Sean Fitzgerald

Founder & CEO

About Sean Fitzgerald

Sentenial was founded by Sean in 2003. Sean recognised an underserved market for Direct Debit services for SMEs in Ireland. Delivering the service in the SaaS model from the start the business grew rapidly in Ireland and expanded into the UK BACs scheme in 2004. As the momentum built around SEPA, the strategy was focused on building SEPA capability rather than expanding into other European Direct Debit schemes. First mover banks hoping to capitalise on SEPA, were among the first SEPA banking engine customers. Sentenial continued to build out the corporate services in the meantime and as the SEPA end dates approached Sentenial was well positioned to win many more bank for SEPA banking engine and front end corporate functionality. All services delivered from Origix, Sentenial’s single instance, multitenant platform.

In 2014 Sentenial acquired a Payment Institution license and morphed into a Fintech with the launch of the Nuapay service and brand in 2015. Nuapay essentially wraps the Payment Institution license around the corporate and banking functionality on Sentenial’s SaaS platform. The full value chain of banking payments services are then available to corporate and SME customers. Prior to the launch of Nuapay, the business customer would come to Sentenial for the Direct Debit payment creation and management software. But the business would also need to go to a bank for a bank account and authority to collect by Direct Debit. This process could take time and generate significant cost. Now the business gets everything from Nuapay, a slick, quick and highly user friendly and integrated service through GUIs or APIs.

Although around for many decades, Automatic Clearing House payment types such as the DD and CT are now been recognised as a strong Alternative Payment Type method for card payments. Driven by service enhancements in ease of use, reach, enhanced risk management and cost these payment types continue to grow as a threat to displace card payments.

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