News • 07 January 2021

Agility, collaboration key to banking compliance

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  • Agility, collaboration key to banking compliance

Agility, collaboration key to banking compliance

Developing LUXHUB’s turnkey CEDR solution
 

There are a few key characteristics that are intrinsically built within our fabric at LUXHUB, with two of our most dominant traits being our agility and willingness to collaborate.

When the CSSF published Circular 20/747 on 24th July 2020, it was these characteristics that enabled us to quickly redirect resources, activate cross-sectoral collaboration, and efficiently develop an effective turnkey compliance solution.

Related to AML5, CSSF Circular 20/747 obliged Luxembourg’s credit institutions to put in place a secure data file transfer via API towards the CSSF to enable the identification of any natural or legal person holding or controlling payment or bank accounts identified by IBAN, or safe-deposit boxes.

Building upon our established API Gateway and Service Desk, LUXHUB’s product teams combined efforts and utilised the diversity of skills and experiences we have at our disposal to create an efficient, high performance solution. 

Further internal collaboration – this time between the technical and commercial arms of our business – then enabled us to clearly communicate our solution to all obliged entities.

With a relatively short deadline for its implementation, this enabled us to begin discussing our solution with a number of potential clients within just a few days of the Circular being released.

In total, 39 of Luxembourg’s banks and financial institutions have now selected LUXHUB’s CEDR solution for compliance related to CSSF Circular 20/747, with the implementation process having been hugely successful. 

“Having partnered with LUXHUB for PSD2 compliance, we were reassured to hear about their CEDR compliance product shortly after the associated CSSF Circular had been published,” explains Adolfo Gutiérrez, CIO, Bankinter Luxembourg.

“Our previous experience with them had been extremely positive and the process incredibly smooth, and so we were confident that the same would be true this time around, and this has very much been the case.”

LUXHUB’s solution is comprehensive and cost-effective, with the highest levels of security and support, ensuring peace of mind for our clients. If you would like to learn more about our solution, you can do so via the dedicated product page => https://www.luxhub.com/our-solutions/products/cedr-api