LUXHUB in the latest “Key Players in the EU Payments Landscape” report
The Payments Association EU just released its annual “Key Players in the EU Payments Landscape” report. Crafted in collaboration with Deloitte and The Paypers, this insightful document aims at providing a comprehensive overview of the payments ecosystem in the European Union, highlighting specifics of each country and their domestic payment representatives.
As explained by Estera Sera (Content Editor, The Paypers) in the report introduction, “the European payments landscape has transformed significantly in recent years, driven by multiple factors”. She notably underlines the “emergence of new players and services, especially those such as digital wallets and contactless payments”.
Moreover, several new regulations will change the sector in the months/years to come, as the three-proposal package was introduced in June 2023, to improve the payment services market (PSD3 and PSR) and make financial data more accessible (FiDA).
“Another driver attributed to the change in the European payment landscape is the emergence of fintech companies. These players challenge traditional banks and payment providers due to their offerings that include more convenient and cost-effective solutions – thus leading to increased competition and industry innovation,” adds the expert.
The report also includes several interviews from recognized experts, from companies such as STET and Deloitte, who notably discuss the upcoming regulatory shifts and latest technological advances, the market readiness toward instant payments, and more.
Finally, the report maps the different European payments companies, and features LUXHUB, “a common API platform, that holds a Payment Institution license, making it a central figure in Luxembourg’s open banking landscape”. LUXHUB is also described as the main – and 360 degree – Open Banking enabler in Luxembourg.
Our new compliance solutions, related to CESOP (to fight VAT fraud in the context of cross-border transactions and to the newly introduced and mandatory IBAN-Name Check, in the context of IPR and the forthcoming PSR are also mentioned in the report.