Six Luxembourg banks sign up to Luxhub verification platform
Fintech company Luxhub has announced that six Luxembourg retail banks have signed up to its Payee verification platform aimed at ensuring secure credit transfers for payment services users.
Luxhub was established by Banque Raiffeisen, BGL BNP Paribas, Post Luxembourg and Spuerkeess and has since become a recognised connectivity and mutualisation expert, serving over 80 clients in more than ten European countries.
The fintech has not revealed which other two Luxembourg banks have signed up to the Payee platform, though Paperjam on Tuesday morning reported that BIL had confirmed it was one of the signatories.
Adding the six banks to the platform increases the network and mutualisation effects and logically strengthens the platform, said Luxhub CEO Claude Meurisse in a statement. “At the same time, we are still working on convincing other key players to join, with the overall goal of providing a robust and efficient platform that will ensure secure and verified credit transfers for payment services users (PSUs) as well as PSPs themselves,” he added.
The move comes as the EU Instant Payments Regulation (IPR) enters into force, with banks obliged to be able to send instant payments using Verification of Payee (VOP) systems by 9 October.
IPR requires the verification to be done immediately after the payer provides relevant information about the payee and before the payer is offered the possibility of authorising that credit transfer. They are also being required to strengthen fraud prevention mechanisms.
The Payee platform offers banks both VOP and Routing and Verification Mechanism (RVM) solutions.
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