LUXHUB, a European Open Banking API Platform hosted in Luxembourg, just announced a key initiative to broaden its catalogue of services in the context of the new European API Economy.
LUXHUB and PRETA have signed an agreement allowing LUXHUB to access PRETA’s Open Banking Europe Directory, the Pan European directory providing a single, standardized, trusted, machine readable source for all TPPs and to manage a local copy of PRETA’s directory in Luxembourg to insure a reliable, fast and performant TPP orchestration in the PSD2 context.
The partnership with PRETA strengthens LUXHUB’s vision to mutualize operational and technical efforts in the context of PSD2 compliance so banks can focus on the development of their core business and on the relationship with their customers. All European Banks offering payment accounts has to comply by 14th September 2019 with the specifications defined in the Regulatory Technical Standards (RTS).
“We’re developing our range of solutions at high velocity to guarantee full compliance and insure high-level flexibility and unmatched agility for our customers.”
LUXHUB is the result of a partnership between four leading Luxembourg banks, determined to leverage the challenges and opportunities of PSD2 It’s in this specific context that Banque et Caisse d’Epargne de l’Etat Luxembourg, BGL BNP Paribas, Banque Raiffeisen and Post Luxembourg decided end 2017 to join their forces to create LUXHUB, a PSD2 API connectivity platform. Basically, LUXHUB’s objective is to make interconnection of the entire ecosystem of banks and TPPs as easy as possible.
“We’re developing our range of solutions at high velocity to guarantee full compliance and insure high-level flexibility and unmatched agility for our customers. In the future, successful innovative business will only be possible by cooperating with other institutions, part or not of the financial services sector. LUXHUB sees its mission as helping European financial institutions with these exciting new challenges”, commented Jacques PÜTZ, CEO of LUXHUB.
“There are at least 4,000 banks in Europe that need to comply with PSD2 access to account requirements and not all of them are large enough to provide and connect to necessary infrastructure themselves”
Open Banking Europe (OBE) is a PRETA initiative launched in June 2017 with the aim of fostering innovation, competition and efficiency to increase consumer choice and enhance security for online payments in the EU. To do that Open Banking Europe brings market players together to turn regulatory requirements into operational reality and is working on providing the industry with PSD2 directory services. The full list of Account-Servicing Payment Service Providers (AS-PSPs) and Third Party Providers (TPPs) that have joined the initiative so far can be found here.
“We are very pleased to see LUXHUB joining the initiative. There are at least 4,000 banks in Europe that need to comply with PSD2 access to account requirements and not all of them are large enough to provide and connect to necessary infrastructure themselves, so it’s great to see LUXHUB joining as another service provider to provide PSD2 access services”, stated John Broxis, Managing Director of PRETA.
PRETA was created in 2013 to develop and innovate services for digital payment and identity solutions. The company is a wholly-owned subsidiary of EBA CLEARING, a provider of pan-European payment solutions currently owned by 51 shareholder banks. PRETA’s objective is to ensure the protection of digital identities and to provide secure and simple solutions in the online and mobile space. PRETA’s pan-European mindset encourages the collaboration of all players in the co-operative space with a view to supporting the European digital economy and Digital Single Market. PRETA owns and runs MyBank, an e-authorisation solution enabling the exchange of financial and non-financial information among and between payment service providers and other market players. MyBank Payments enables customers to pay online or via mobile channels, directly from their bank account.