How LUXHUB and SIX aim to transform financial services
Back in September 2020, leading Switzerland-based financial infrastructure provider SIX, and LUXHUB, an established Open Banking enabler headquartered in Luxembourg, entered a strategic partnership with the mission of facilitating and further accelerating the adoption of Open Banking in Switzerland. The two players share a combined vision when it comes to Open Finance and now aim to accelerate the transformation of financial services together, while also catalyzing the increased development of innovative technology-driven solutions in the sector.
Aware of the advent of the API economy and wishing to dive into the world of Open Banking, SIX launched its ‘bLink’ platform in May 2020 in Switzerland. By enabling banks and Third-Party Providers (TPPs) to rapidly integrate new functionalities into their offerings through the use of APIs, this Open Banking hub continuously promotes innovation and therefore indirectly provides end-customers with new banking experiences.
‘The exchange of customer data between financial institutions and third-party providers via the secure and trusted platform of SIX creates a win-win situation for all participants and offers numerous opportunities for new services and new customer relationships,’ underlines Marco Menotti, Head Banking Services and Member of the Executive Board at SIX Group.
On the other hand, LUXHUB was founded upon the firm belief that Open Finance will totally reshape the financial services industry Europe-wide. The fast-growing fintech, created in Luxembourg in May 2018 by four major banks, has been acting as a key catalyst for the next innovation-driven evolution of the financial sector for the last three years.