LUXHUB’s Trusted Corporate Pay named Fintech Solution of the Year in Luxembourg
Last Thursday, on December 1st, LUXHUB participated to the 2022 edition of the well-known European Finance Summit. This flagship event gathers the entire financial services industry in Luxembourg, around a series of conferences and the Luxembourg Finance Awards ceremony.
From PSD2 compliance to the era of Embedded Finance
At LUXHUB, we believe PSD2 compliance was only the first step towards more innovation and openness. It therefore represents a tremendous opportunity for legacy institutions to transform, for Fintechs to thrive and for every single company to easily integrate and leverage finance-like services.
In the initial stages of Open Banking, most opportunities revolved around third-party account aggregation, digital payments, and account top-ups. Now, through its AIS and PIS licenses, LUXHUB offers banking-like services to all companies, whether they be regulated entities or not.
“More concretely, any company can add financial services powered by LUXHUB directly within its application or website. This provides the end customer with a unique and secure experience,” explains Anne-Sophie Morvan, Head of Business & Legal. Welcome to the era of Embedded Finance!
Discovering LUXHUB’s Trusted Corporate Pay
During EFS22, we happily won the Fintech Solution of the Year prize, rewarding one of our latest innovations, Trusted Corporate Pay. This solution, built on the LUXHUB ONE unified API and more specifically with extended ONE PAY features – and therefore leveraging the PIS license and the account-to-account payments service – enables companies to:
- Initiate instant payouts through multiple Luxembourgish banks by using a single API without the need for banking SCA.
- Payments can be sent to any participant of the European SEPA (Instant) network.
- No authorization process required for each transaction at the bank’s side.
- No additional file-based services needed for communication.
- Easy to maintain and to implement (one single API).
Participating in the digital transformation of all sectors and industries
Through Trusted Corporate Pay – and therefore Open Banking-powered account-to-account payments – public institutions can turn their payment routine into an easier and smoother task, reducing the processing time. By doing so and by initiating such payments directly from their back-office ERP application with no additional SCA required, public institutions proceed to “instant payments”. On the other hand, these account-to-account instant payments also benefit most consumers/citizens, as the money is available in their bank account within 10 seconds, assuming their bank institution is part of SEPA Inst network.
As highlighted by our Open Banking Product Manager, Ramzi Dziri, “with the European Commission recently pushing for a wider instant payment adoption in all member states, Open Banking-powered payments will become more and more popular and usage will rise to eventually become the norm: they are more affordable, secure, remove friction and will potentially be universally available”.
Interested in learning more about Trusted Corporate Pay?