Created by 4 major retail banks, Banque et Caisse D’Epargne de l’Etat, BGL BNP Paribas, Raiffeisen Bank and POST Luxembourg, LUXHUB provides an innovative answer to the upcoming PSD2 European Directive which opens the market of bank payments accounts to new services and new providers.
“While limited until now essentially to the use of credit cards for payments on the web, the upcoming regulation enables customers to use directly their bank accounts in a variety of situations. The fundamental innovation however is that the payments and associated services can be offered by new so called FinTech providers which extend the offer to a range of services like budget planning or spending forecasts. While the actual regulation focuses on payments, it nevertheless opens the way for loans or investments offers to be proposed through a full range of new electronic channels. In this new competitive open banking environment, LUXHUB stands as a reliable technical partner for banks and new providers.” explains Jean Hilger, Chairman of the Board of LUXHUB.
The PSF License represents a big step forward for the company in following its vision and strategy to act as a major European open banking platform between the different financial players in the digital future
Pierre Gramegna, Luxembourg Minister of Finance: “It is very rewarding to see that Luxembourg’s FinTech ecosystem is fully embracing new opportunities presented by digitalization and new regulations. LUXHUB is a good example of the innovative spirit and dynamism that resonates throughout our financial center and helps the financial industry to constantly reinvent itself”.
With the contracts signed until now, LUXHUB will ensure compliance with the new regulation, will provide cybersecurity protection and will guarantee around-the-clock stability for more than 1.000.000 payment accounts for financial institutions from 5 different European countries. LUXHUB’s PSD2 XS2A Compliance Product represents the start-up’s first mutualised effort helping European financial service providers to technically comply with the mandatory dates.
“In order to accelerate the process on innovation, LUXHUB’s marketplace will help European RegTech and FinTech companies to make their services available in a secure way, providing all the necessary tools to collaborate and pitch their services to their respective clients.” states Jacques Pütz, CEO of LUXHUB.
LUXHUB will publish in the upcoming months more accelerators regarding KYC, KYT, Reporting, Secure Payment Flows and Artificial Intelligence.
“The goal is to find innovative solutions together, so that financial institutions can collaborate in an easy and secure way and act faster.”, comments Jacques Pütz, CEO of LUXHUB.
On March 13th, The Minister of Finance will open The First European Open Banking Panel, hosted by LUXHUB, which gathers the most relevant specialists and experts in order to discuss the challenges of the PSD2 regulation and of Open Banking in general.