“A Luxembourgish window on bank accounts”
LUXHUB offers a portal that gives access to bank account data. This solution is the result of the obligation for European banks to publish APIs, that provide access to these types of data.
LUXHUB, a Luxembourgish company founded in 2018, offers a portal filled with banking APIs that comply with PSD2, which stands for “2nd Payment Services Directive”. According to the regulator, this directive has the objective to increase the competition within the payments market and enable the development of innovative financial services. The document text says: “create a new market of financial services products, built on the existing infrastructures of banks”. In other words, it means developing Open Banking to facilitate the creation of Fintechs. As defined in details by the European Banking Authority (EBA), PSD2 includes technical and functional standards, the Regulatory Technical Standards, or RTS, notably when it comes to the authentication of clients and the security of communications (SCA&CSC).
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