All Bank Accounts At A Glance

Banque de Luxembourg and LUXHUB offer a dashboard to their customers with several accounts across different banks in the country.

Credits © Photo by Viktor Forgacs on Unsplash

Banque de Luxembourg (BdL) launches a bank account aggregator for its customers. Accessible from the BL-Mobile Banking application, the digital solution developed by LUXHUB allows customers to consult all the accounts they hold with other retail banks in Luxembourg: BCEE, BGL BNP Paribas, BIL, ING Luxembourg, Post Luxembourg and Banque Raiffeisen through a single application and in real time.

With this tool, the financial institution wants to respond to a “real problem” of its multi-bank customers: “Today, they have to use as many different interfaces as they have bank accounts, with all the access problems that this entails (identifiers, passwords…). This ends up degrading the overall experience of managing their finances,” explains Steeve Gresse, Head of Innovation, Banque de Luxembourg. “This account aggregation service simplifies the life of customers, saves them time and contributes to improving their digital customer experience”.

For the bank, this is “the first brick in a broader ‘Open Banking’ approach, made possible by the PSD2 directive”.

When asked by Silicon Luxembourg about extending the service to other banks abroad, particularly to cross-border commuters with one or more current accounts in their country of residence, Gresse believes that technically this prospect should pose no problem thanks to the PSD2 directive: “Everything will depend on the needs expressed by our customers,” he replied.

In terms of security and PSD2, what guarantees do customers have that BdL does not have a view on their other extra-bank accounts without their knowledge? “The account aggregation service is an integral part of Banque de Luxembourg’s general terms and conditions,” said the innovation manager.

Founded in 2018 by BCEE, BGL BNP Paribas, Banque Raiffeisen and POST Luxembourg, LuxHub operates an open banking API platform. The organization helps Fintechs and financial institutions to connect through secure API connectivity.

The revised Payment Services Directive (PSD2) has been initiated by the EU Commission to regulate payment services and payment service providers throughout the European Union (EU) and the European Economic Area (EEA). It mainly aims at creating a more integrated European payments market, while making payments safer and more secure and protecting consumers.

Leave a Reply

Your email address will not be published.

Related Posts