“Built on compliance and driven by innovation”, LUXHUB acts as the connective tissue for enhanced financial services throughout Europe, spearheading a collaborative path to Open Finance.

The main challenges of Open Finance fall into three main areas:

COMPLIANCE

PSD2, which is seen as the cornerstone of Open Banking and towards Open Finance, was the first major compliance challenge, addressed with the PSD2 XS2A (Access to Accounts) solution that is currently used by tens of financial institutions all over Europe.

LUXHUB then developed a turnkey solution for the Central Electronic Data Retrieval System in relation with AMLD5, with a specific focus on Luxembourg. By providing an expert mutualized solution for such issues, it enables financial institutions secure and efficient compliance.

CONNECTIVITY

In order to address the second challenge and provide accelerated connectivity to the opportunities that lay beyond Open Banking compliance, LUXHUB developed the ONE product series, consisting in ONE CONNECT, ONE PAY and ONE DATA+, that leverage the AIS/PIS licenses obtained from local regulator CSSF.

ONE CONNECT enables financial institutions and non-regulated Fintechs to access standardized bank account data and basic payment initiation. ONE PAY is a low-fee white-label Account to Account payment solution based on open banking APIs with high user conversion & acceptance and low fraud risk. Finally, ONE DATA+ consists in an easy-to-integrate interface to deliver transformed bank accounts information data directly within internal systems.

COLLABORATION

The final challenge in this overall Open Finance framework is related to the necessity of all actors to collaborate in the ideation, development, and adoption of value-added products and services. Financial institutions, Fintechs, and even non-financial services companies must all work together in order to extract optimal value from the sector. This ambition to facilitate and promote such collaboration has led to the development of the LUXHUB Marketplace, which acts as a community for the development, promotion, and exchange of Open Finance API products.