Wednesday 22 May 2019

McCreevy shakes up banking with Nuapay

Former finance minister Charlie McCreevy
Former finance minister Charlie McCreevy

Nick Webb

You'd think Fianna Failers would want to keep well away from the banks, given their role in wrecking them.

But now former finance minister Charlie McCreevy - who was long gone before the crisis - is trying to bash them up and eat their lunch, with the creation of a "revolutionary" new challenger for a lucrative part of the financial sector.

He is on the board of Sean Fitzgerald's fintech firm Sentenial, which has just launched Nuapay, giving businesses a non-bank alternative for payment processing for the first time.

"Nuapay is exactly what we wanted to happen when the Commission introduced the Payment Institution. It will completely revolutionise the market, not just in Ireland but across Europe," McCreevy told me last week.

"Who knows, with the advancements in the fintech sectors, the bank-dominated payments system as we know it could be obsolete in the next decade.

"Sentenial can be the category leader in the next generation of payments services in Europe. It's a huge opportunity and we need companies like this in Ireland."

Nuapay is a cloud-based service that manages direct debit and credit transfer payments for companies. It has the potential to turn banking upside down.

Sentenial is backed by serious money, including Feargal Quinn and his family, Gary McGann, James Osborne and former Anglo high-flyer Tiarnan O'Mahoney. This company is going places.

Sunday Indo Business

Also in Business