Luxhub’s marked the occasion by highlighting the company’s numerous milestones. Meurisse also outlined the company’s ambitious plans to move from open banking to open finance in response to the European Commission’s open finance framework proposal. “Luxhub is well equipped to support payment service providers in this upcoming regulatory compliance challenge.”

The fintech is also anticipating the Commission’s upcoming regulation on instant payments, as well as the payment services regulation, with an IBAN-name check solution, entitled account verification platform. Luxhub’s head of product Ramzi Dziri said the regulation will have significant implications for Luxembourg banks. “A single centralised solution for banks in Luxembourg means reduced implementation costs, lower usage fees, and more importantly, a higher value for clients.”

Founded in 2018 following the introduction of PSD2 compliance, Luxhub is backed by four local banks: BGL BNP Paribas, Post Luxembourg, Raiffeisen and Spuerkeess. The fintech firm launched an  platform and has plans to move into other financial services. In addition to PSD2 compliance, Luxhub enables its customers to further develop in today’s digital world by notably connecting fintechs and financial institutions through powerful, robust and secure API connectivity.