Rakuten Bank Europe has tapped Luxhub to meet a set of pressing EU fintech rules.
Luxhub will support Rakuten with “PSD2 compliance and unlock the potential of open banking”, Luxhub said in a press release on 1 July.
The EU’s second Payment Services Directive (PSD2) requires banks, with their clients’ approval, to open up customer data to third-party companies. So-called “open banking” is expected to increase competition, as other firms will be able to provide financial services using the bank as a sort of platform. Banks have until September to implement the trickiest technical bits.
Rakuten Bank Europe is a Luxembourg-based unit of Rakuten, a Japanese e-commerce, fintech and media group that, it said, is “bringing the joy of discovery to almost 1.3 billion members across the world.”
Toshihiko Otsuka, CEO of Rakuten Bank Europe, stated in the announcement:
“We choose Luxhub for its knowledge in the banking sector and its ability to innovate and accompany us in our fast-growing business. Together we will reach new heights of competence and provide the best services to our customers.”
According to Luxhub, its “marketplace” gives financial outfits:
“… a fast, secure and standardized way to [provide] a wide variety of services to enrich the digital experience of their customers and to find resolutions related to regulatory and legal issues.”
Luxhub was set up by four Luxembourg banks--BCEE, BGL BNP Paribas, Banque Raiffeisen and Post Luxembourg--in 2018. Luxhub said Rakuten was the 34th bank (in ten different countries) on its platform.
Pictured: Jean Hilger, chairman of Luxhub; Toshihiko Otsuka, CEO of Rakuten Europe Bank; Jacques Pütz, CEO of Luxhub; and Yuichi Tatsuno, CTO at Rakuten Europe Bank. Handout photo: Luxhub