CashSentinel, the Swiss-based startup, offers a modern, simple and secure means of payment for vehicle sales between private individuals or by dealers. Today the startup announced that it has gone into partnership with SFPMEI, a French licenced electronic money issuer, to launch its payment services in the French market.
In order to offer its services to customers in France, CashSentinel has signed a partnership with SFPMEI, which in the year 2000 was the first institution to issue electronic money in France with Moneo. Today SFPMEI is a prominent player in innovative payment services including crowdfunding, mobile payment, book entry securities, and market-place solutions.
CashSentinel offers a simple yet secure alternative to cash- or bank cheque-based transactions, which are still commonly used in France. The startup is contributing to the modernization of payment systems by bringing innovative improvements to the intrinsic defects of bank cheques (complex to procure, flawed authentication, difficult to modify or cancel, frequently subject to fraud).
Having operated for several years in a multilingual and conservative market, CashSentinel’s service provides the highest level of security for its clients’ transactions. “Our customers benefit from CashSentinel’s service maturity, combined with SFPMEI’s experience, in order to secure and simplify the sale or purchase of their vehicle. We’re delighted to bring it to the French market. “ says CashSentinel CEO and founder Sylvain Bertolus.
For Serge Ragozin, SFPMEI’s General Manager, « CashSentinel’s solution demonstrates perfectly how technology is adding value to payment systems. We are delighted to partner with CashSentinel for their growth in the French market and are very confident that users will adopt the service rapidly».
End-to-End service for vehicle sellers
CashSentinel’s service combines security with a frictionless, end-to-end user experience. Once a buyer has registered and funded his CashSentinel account, he may notify the seller of the availability of funds using the GreenLight function. The seller can then reserve the vehicle until the day of the sale. The current practice of sending a photocopy of the bank cheque is quite archaic in comparison. Once buyer and seller meet, CashSentinel guarantees step by step the authentication of both parties, agreement on the transaction amount and an irrevocable payment order. The funds are transferred via SEPA payment to the seller’s account; the buyer may leave immediately with his new vehicle, and the transaction brings peace of mind to both parties.
One illustration of a high level of security is CashSentinel’s policy of never communicating with its users by email in order to reduce the risk of phishing. This kind of attack commonly affects traditional online payment systems, forcing consumers to be constantly cautious in order to distinguish genuine emails from fraudulent ones. With CashSentinel the payment transaction is conducted via mobile phone, which is more secure than web-based services.
The service is available 24 hours a day 7 days a week and a transaction can be conducted with an Android or iPhone, or even with a non-smartphone.
About CashSentinel
The Fintech startup, CashSentinel, has been operating in Switzerland since 2012 in partnership with AutoScout24, the pre-owned vehicle advertising platform with 80% market share, and Swissquote bank. To date CashSentinel has safeguarded payments for hundreds of customers for both new and pre-owned vehicles.
CashSentinel won numerous innovation awards such as Venture Kick, the Swisscom startup challenge, the IMD startup competition and is part of the Top 100 Swiss startups.
In France, CashSentinel is offered by CashSentinel France SAS, acting as a Payment Service Agent of SFPMEI.
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